Uruguay Inflation June 2016

Uruguay

Uruguay: Inflation remains elevated in June

July 5, 2016

In June, consumer prices increased 0.4% over the previous month, coming in below the 1.0% increase tallied in May. June’s print was in line with expectations recorded in the Central Bank’s monthly survey. According to the Statistical Institute, June’s result was mainly driven by higher prices for food and non-alcoholic beverages.

After hitting a 12-year high of 11.0% in May, inflation inched down and rested at the high level of 10.9% in June. As a result, inflation remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation edged up from 9.7% in May to 9.9% in June, marking the highest reading in nearly 12 years.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2016 at 9.9%, which is up 0.1 percentage points from last month’s projection. For 2017, panelists see inflation easing to 8.9%.


Author: Teresa Kersting, Economist

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Uruguay Inflation June 2016

Note: Annual and monthly variation of consumer price index in %. Expectations of monthly variations of consumer price index in %.
Source: National Statistical Institute (INE) and Uruguay Central Bank (BCU).


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