Inflation in Uruguay
Consumer price inflation in Uruguay averaged 7.8% in the ten years to 2024, in line with the Latin America regional average of 10.8%. The 2024 average figure was 4.8%. For more information on inflation, visit our dedicated page.
Uruguay Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Uruguay from 2014 to 2024.
Source: Macrobond.
Uruguay Inflation Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 9.8 | 7.7 | 9.1 | 5.9 | 4.8 |
Inflation (CPI, ann. var. %, eop) | 9.4 | 8.0 | 8.3 | 5.1 | 5.5 |
Inflation (PPI, ann. var. %, aop) | 10.5 | 14.4 | 12.4 | -7.5 | 3.3 |
Inflation falls to over one-year low in June
Latest reading: Inflation eased to 4.6% in June from May’s 5.1%, marking the lowest inflation rate since May 2024 and surprising markets on the downside. Moreover, this was the third consecutive decline, confirming a downward trend toward the midpoint of the Central Bank’s 3.0–6.0% inflation target. Looking at the details of the release, June’s downturn was broad-based, with softer price growth in food, transportation plus housing and utilities. As a result, the trend pointed down slightly, with annual average inflation coming in at 5.2% in June (May: 5.3%). Lastly, consumer prices dropped 0.09% in June over the previous month, swinging from the 0.11% rise logged in May. June's result marked the weakest reading since December 2023.
Panelist insight: Commenting on the outlook, Lucila Barbeito and Diego W. Pereira, analysts at JPMorgan, stated “Regarding forecasts, the deceleration in headline inflation proved faster than expected on tradable CPI, prompting us to adjust our headline year-end projection further downward […]. Our forecast entertains an acceleration in monthly inflation in 2H25 to 0.3% monthly average as we anticipate structurally sticky non-tradable prices. On this regard, it is worth noting that the government unveiled today the next 2 year wage guidelines, proposing real salary increases between 2-4%, conditional on income level.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Uruguayan inflation projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Uruguayan inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Uruguayan inflation projections.
Want to get access to the full dataset of Uruguayan inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
-
Brazil: Inflation rises in June Latest reading: Inflation rose to 5.4% in June, following May’s 5.3%. Looking at the details of the release, prices for... -
Colombia: Inflation drops to near four-year low in June Latest reading: Inflation edged down to 4.8% in June from 5.1% in May, marking the lowest inflation rate since October... -
Costa Rica: Consumer prices drop for second month straight in June Latest reading: Consumer prices fell 0.2% year-on-year in June after declining 0.1% in May. June’s result marked the largest fall... -
Ecuador: Inflation hits seven-month high in June Latest reading: Inflation jumped to 1.5% in June from May’s 0.5%, marking the highest inflation rate since November 2024. The... -
Uruguay: Inflation falls to over one-year low in June Latest reading: Inflation eased to 4.6% in June from May’s 5.1%, marking the lowest inflation rate since May 2024 and... -
Turkey: Inflation drops in June Latest reading: Inflation came in at 35.0% in June, which was down from May’s 35.4%. June’s result represented the lowest... -
Poland: Inflation rises in June Latest reading: Inflation came in at 4.1% in June, above May’s 4.0% and the 3.5% upper bound of the Central...