Uruguay Inflation December 2016

Uruguay

Uruguay: Inflation stable in December

January 5, 2017

In December, consumer prices in Uruguay dropped 0.6% from the previous month, contrasting November’s 0.1% rise. December’s print marked a one-year low and undershot the 0.5% price decrease expected in the Central Bank’s monthly survey. December’s result was mainly driven by lower prices for housing and food and non-alcoholic beverages, which more than offset higher prices for the services of restaurants and hotels as well as for transport, according to the Statistical Institute.

Inflation in December mirrored the 8.1% reading recorded in November. Inflation had fallen until November after hitting an over 12-year high in May. Nonetheless, it still remains well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation in December edged down to an eight-month low of 9.6% from November’s 9.8%.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2017 at 8.8%, which is unchanged from last month’s projection. For 2018, panelists see inflation easing to 7.8%.


Author: Massimo Bassetti , Economist

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Uruguay Inflation December 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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