Uruguay Inflation January 2018


Uruguay: Inflation ticks up in January

February 5, 2018

In January, consumer prices jumped 2.7% from the previous month, strongly contrasting December’s 0.3% month-on-month fall. The print marked the highest reading since September 2002 and was notably above the Central Bank’s expectations of a 2.3% increase. According to the Statistical Institute, the increase was primarily driven by higher prices for alcohol and tobacco, housing, and communications.

Inflation increased for the sixth consecutive month, coming in at 6.7% in January, the highest reading since March 2017 and marginally up from the previous month’s 6.6% print. As a result, inflation moved closer to the upper limit of the Central Bank’s inflation target of 3.0%–7.0%. Nevertheless, annual average inflation continued to trend downward, inching down from December’s 6.2% to 6.1% in January, marking the eighteenth month of decline.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2018 at 7.2%, which is up 0.1 percentage points from last month’s projection. For 2019, panelists see inflation increasing to 6.8%.

Author:, Research Team Manager

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Uruguay Inflation Chart

Uruguay Inflation January 2018

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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