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.