Inflation fell to 5.09% year-on-year during January, after ending last year with a cumulative 5.11% throughout the twelve months of 2023, and continues within the target range established by the Central Bank of Uruguay (BCU).
The data comes from the latest report on the estimates of the Consumer Price Index (CPI) prepared by the National Institute of Statistics (INE)corresponding to last January.
The CPI registered an accumulated monthly (and annual) variation of 1.53% during January (with a base period in October 2022), establishing the General Index number at 106.15.
In the comparison to January 2023, the General Index number was 101.01; while the monthly (and annual) variation accumulated then was 1.55%. During the first month of last year, the CPI estimate reached up to 8.05% year-on-year.
Main factors influencing inflation in January
Among the main factors influencing inflation in January, the Housing, Water, Electricity, Gas and other Fuels divisionwhose prices increased by an average of 4.98%, affecting 0.64 percentage points (pp) on the CPI.
Likewise, the Food and Non-Alcoholic Beverages division increased its prices by 1.75% last month, impacting 0.46 pp on the CPI. The podium is completed by the Restaurants and Accommodation Services division, which increased by 2.11%, but had an impact of 0.18 pp
Among the divisions that had a negative impact on the variation of the CPI are Clothing and Footwear, where prices fell on average by 3.61% and with a negative impact of 0.10 pp, and Transportation, where they fell by 0. .73%, with a negative impact of 8 basis points.
Source: Ambito
