The Consumer Price Index recorded higher variations than in the same period last year.
The inflation climbed to 5.45% year-on-year last July, but remains within the target range (3% to 6%) established by the Central Bank of Uruguay (BCU) for the current Monetary Policy Horizon (HPM) to two years.
The data comes from the latest report of the Consumer Price Index ( CPI) prepared by the National Institute of Statistics (INE) corresponding to July.
On a monthly basis, the variation was 0.11% between June and July, while the accumulated annual variation climbed to 3.73%, which leaves the CPI in a position to end the year within the BCU’s target range. For its part, the Index number went from 108.34 to 108.45 from one month to the next. In turn, the Underlying inflation presented a monthly variation of 0.20%, an accumulated annual variation of 3.33% and an interannual variation of 4.58%.
In July 2023, the CPI experienced a monthly decline of 0.36%, while the annual cumulative figure was 3.40% and the year-on-year inflation reached 4.79%, below the current figure.
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Meat prices fell, but dollar services increased
Among the factors with the greatest impact on the monthly variation of the CPI, there was a 0.15% drop in the “Food and non-alcoholic beverages” division and a 0.05% drop in the “Clothing and Footwear” division. On the other hand, the most positive impacts were “Transport” (0.10%); “Insurance and financial services” (0.04%); and “Restaurants and accommodation services” (0.04%).
The “Food and non-alcoholic beverages” division fell by 0.54%, with a negative variation of 1.09% for the meat and other derived productsas well as another 1.66% for vegetables, tubers and legumes, and one of 2.04% for fruits and nuts, due to a seasonal issue.
On the other hand, as a result of recent changes in the dollarthere was a 2.32% increase in 0km vehicles, and a 1.81% increase in accommodation services and up to 5.72% in air tickets.
Source: Ambito
