He Statistics National Institute (INE) reported that the Consumer Price Index (CPI) fell to 7.1% yoy. The drop in the index in May is explained by a fall in the prices of the “Food and Non-Alcoholic Beverages” division, which fell by 0.54%, impacting an incidence of 0.15 in the General Index.
At the monthly level, the variation even reached a slight drop of 0.01%, and accumulates an increase of 4.26% so far this year. The General Index for May (with a base period in October 2022) was 103.7, when in May 2022 it had been 96.83.
With these levels, inflation continues above the target range of between 3% and 6% that at the time established the Central Bank of Uruguay (BCU), but broke down again after what was a rise in April that had taken it to 7.6% in the last moving year.
The price of fruit fell 7.67% on a monthly basis
In the “Food and Non-Alcoholic Beverages” division, stands out a monthly drop in the price of fruit of 7.67%mainly driven by a 30.26% drop in the price of oranges, 16.26% of lemons, and 15.07% of mandarins.
In the subdivision “Vegetables, tubers and legumes” the decrease in prices was of 4.78%where, in the breakdown, a drop of 39.53% in the prices of lettuce stands out, of 31.90% in that of spinach, and of 19.63% in that of chard.
The prices of insurance and financial services increased by 0.99% in the month
At the other extreme, among the prices that did increase, those of insurance and financial services stand out, with a monthly variation of 0.99%, and an indecency of 0.06 in the General Index. Among the highlights of the breakdown, the subdivision “Comprehensive private health insurance fee” grew 3.68%, the “Mobile Medical Emergency Fee” 1.24%, and “Automobile insurance” 0.95%.
Another of the divisions that increased was “Housing, Water, Electricity, Gas and Other Fuels” in a 0.28%where the increase in piped gas supply was 10.93%that of domiciliary taxes of 4.27%, and that of rents of 0.48%.
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Core inflation fell 0.30% in May
In another order, core inflation measured through the Consumer Price Index excluding fresh fruits and vegetables, and fuels (CPI-CE) registered a monthly variation of 0.30%and the General Index (with the base period in October 2022) was 102.82.
The CPI-CE excludes volatile prices such as those of fresh fruits and vegetables (which are seasonal), and fuels, whose rates are subject to more abrupt market variations.
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Source: Ambito
