Uruguay: Inflation ticks up in November

In November, consumer prices rose 0.4% over the previous month, which came in below the 0.6% rise tallied in October. According to the Statistical Institute, November’s increase mainly resulted from higher prices in the recreation and culture component of the index.

Inflation ticked up from 9.2% in October to 9.5% in November. As a result, inflation remained well above the Central Bank’s target range of 3.0%–7.0%. Annual average inflation inched up from 8.5% in October to 8.6% in November, which marked the highest reading in nine months.

Panelists participating in the LatinFocus Consensus Forecast expect inflation to close 2015 at 9.1%, which is up 0.1 percentage points from last month’s projection. For 2016, panelists see inflation easing to 8.6%, which is up 0.2 percentage points from last month’s forecast.