Uruguay’s Economy Sees 1.1% Inflation Rise in January
In a recent report released by the National Institute of Statistics (INE) in Montevideo, Uruguay, the Consumer Price Index (CPI) experienced a modest 1.1% increase last month, with a 5.05% rise interannually. These figures fell within the target range set by the Government, signaling a positive trend for President Luis Lacalle Pou’s administration compared to the previous year.
Key Points to Note:
- Price Increases:
- Restaurants and Accommodation Services saw a 0.21% increase.
- Food and Non-Alcoholic Beverages experienced a rise of 0.2%.
- Information and Communication prices went up by 0.19%.
- Housing, Water, Electricity, Gas, and Other Fuels saw a 0.16% increase.
- Transport costs rose by 0.14%.
- Insurance and Financial Services experienced a 0.12% increase.
- Target Range:
- The year-on-year index of 5.05% fell within the target range set by the Economy Ministry’s Macroeconomic Coordination Committee, ranging between 3% and 6%. The December figure stood at 5.49%.
- Food Prices:
- Meat and byproducts increased by 1.93%.
- Cereals and cereal-based products rose by 0.71%.
- Milk and other dairy products saw a 0.36% increase.
- Fruits and nuts prices went up by 1.45%.
- Vegetables, tubers, and legumes fell by 2.06% overall, despite notable increases in lemons (23.57%) and onions (16.45%). Conversely, pumpkins and squashes decreased by 22.38%, while sweet potatoes fell by 11.62%.
The recent inflation rise in Uruguay’s economy showcases a mixed trend in price increases across various sectors, with the overall index remaining within the government’s target range. It is essential for policymakers and stakeholders to monitor these trends closely to ensure economic stability and mitigate any potential risks in the market. As Uruguay continues its economic journey, continued vigilance and strategic planning will be crucial to sustain positive growth and development.
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