Uruguay: Inflation accelerates and exceeds government’s targets
RIO DE JANEIRO, BRAZIL – Uruguay’s retail prices rose 1.04% in October, after increasing 0.46% the month before, the National Institute of Statistics reported on Thursday, a figure much higher than projected by economic analysts. It is the largest monthly rise since January 2021, when it grew 1.6%.
In the first 10 months of the year the index increased by 7.79% and in the past 12 months the consumer price benchmark accumulated a rise of 7.89%, exceeding Luis Lacalle Pou government’s annual target of between 3% and 7%.
Market analysts expected 0.48% inflation for October, according to the Central Bank’s average of expectations. In 2020, inflation reached 9.41%.
The product category with the greatest impact on the monthly variation was food and non-alcoholic beverages, which accounted for 0.49% and rose 1.76%. The report states that meat rose 1.79%; fruits were up 0.73%, and vegetables increased 11.4%.
Inflation data were released during the week in which the borders were reopened after the closures decreed due to the coronavirus pandemic, which led to the arrival of thousands of foreigners to the country, among them many Argentines.
Source: Reuters, El Pais, GDA
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