Uruguay Inflation December 2017

Uruguay

Uruguay: Inflation rises in December

January 4, 2018

In December, consumer prices dropped 0.3% from the previous month, contrasting November’s 0.3% month-on-month rise. December’s print was above the Central Bank’s expectations of a steeper fall in consumer prices. According to the Statistical Institute, the drop was driven by significantly lower prices for housing, which offset higher prices in nearly all other categories.

Inflation rose for the fifth consecutive month in December, hitting 6.6%, the highest reading since March 2017 and up from the previous month’s 6.3%. Inflation therefore moved closer to the upper limit of the Central Bank’s target of 3.0%–7.0%. Annual average inflation, however, moderated from the previous month’s reading of 6.3% to 6.2% in December.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 6.4%, which is unchanged from last month’s projection. For 2019, panelists see inflation increasing to 7.1%.


Author:, Economist

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Uruguay Inflation December 2017

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


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