MercoPress. South Atlantic News Agency

Slight drop in Uruguayan inflation reported through new measurement

Food and nonalcoholic beverages played a key role in the new figures

Uruguay's inflation for the month of November of 2022 showed a -0.28% variation according to the National Institute of Statistics (INE) report released Monday. With these data, the accumulated CPI increase for the year reached 8.57% and 8.46% interannually (in the last 12 months).

The new survey, which was based on an updated mechanism, also yielded a slight decrease from the previous month's 9.05%.

According to the INE, food and non-alcoholic beverages (-0.18%) and transportation (-0.13%) accounted for the bulk of the new results.

Food went down boosted by a 1.17% decrease in the price of meat on average, with some cuts reaching -8.71% contractions. Regarding transport, the price of cars also went down 3.34% due to an adjustment in the exchange rate between the Uruguayan peso and the US dollar.

The same applied to spare parts, some insurance policies, international air travel, and tourism.

The new consumption basket was designed with 2017 consumption levels as a reference and it features a slightly higher weighting of services with respect to goods, compared to the previous reference basket based on 2006 consumption levels.

Read also: Uruguay's INE to update measuring of CPI