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%.