With these numbers, accumulated inflation at twelve stood at 5.45%, and accelerated again for the third consecutive month.
This Monday new inflation data was released in Uruguay. The Consumer Price Index (CPI) increased 0.11%, according to data released by the National Institute of Statistics (INE).
The monthly figure was lower than expected by the market in the latest expectations survey of the Central Bank (BCU), where the estimate stood at 0.4%, according to the median of responses.
With these numbers, inflation in the 12 months to July stood at 5.45%, and accelerated again for the third consecutive month
In any case, it continues within the goal set by the authorities (between 3% and 6%), a range in which it has remained for 14 consecutive months.
On the other hand, core inflation (excluding fruits, vegetables and fuels) was 0.20% in the month and remained at 4.58% year-on-year, with slight increases in July and August, and a reduction in September.
The BCU maintains an inflation projection of around 5% for the end of 2024
Regarding the behavior of expectations, the authorities defined as “good news” the “strong drop observed” in the inflation measurements expected by business owners.
Traditionally, businessmen's inflation expectations have been above those of analysts, and have shown greater rigidity. After being anchored in the 8% axis for a long time, today they are located at 6.2%, and with a “chance” of going to 6%, as the trend of the latest surveys has shown, it was indicated on the occasion.
In July, the items that had the greatest impact on the IP were food and non-alcoholic beverages (-0.15), clothing and footwear (-0.5), transportation (0.10) and restaurants and accommodation services (0.04). .
The food and beverage category became cheaper by 0.56%. This is mainly explained by decreases in meats (-1.09%), fruits (-2.04%) and vegetables (-1.66%).
Within the clothing and footwear category, prices fell 2.18%. Meanwhile, there were increases in categories such as transportation (0.93%), restaurants and accommodation services (0.41%), and insurance and financial services (0.67%). %).
