Uruguay Inflation July 2022

Uruguay

Uruguay: Inflation rises to 20-month high in July

August 3, 2022

Consumer prices increased 0.77% over the previous month in July, accelerating from June's 0.59% rise. July's uptick was the strongest increase in prices since March. Looking at the details of the release, housing prices rose at a quicker pace in July compared to the previous month, which more than offset price pressures for clothing and footwear dropping.

Inflation ticked up to 9.6% in July from June’s 9.3%. July's reading represented the highest inflation rate since November 2020. Consequently, the trend pointed up, with annual average inflation coming in at 8.6% in July (June: 8.4%).

FocusEconomics analysts see inflation ending 2022 at 8.8%, which is up 0.2 percentage points from the previous month’s forecast. In 2023, our panel sees inflation ending the year at 7.2%.


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Uruguay Inflation July 2022

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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