Uruguay: Inflation falls in January
Consumer prices rose 2.2% from a month earlier in January, compared to December’s 0.4% month-on-month drop and marking the highest reading in 12 months. According to data released by the Statistical Institute, January’s reading reflected higher housing costs as well as higher prices food and beverages.
Meanwhile, inflation moderated to an eight-month low of 7.4% in January, from 8.0% in December. As a result, it edged closer to the upper bound of the Central Bank’s 3.0%–7.0% target. Nevertheless, annual average inflation ticked up to 7.7% in the same month, from 7.6% in December, marking a 19-month high.