MercoPress. South Atlantic News Agency

Uruguay: Inflation within target for first time in many years

“The CPI for December 2023 registered a monthly variation of -0.11%,” Uruguay's INE said in its report

Inflation in Uruguay during the year 2023 amounted to 5.1%, it was reported in Montevideo. The South American country's lowest rate in 18 years was achieved mainly thanks to prices reasonably stable in household goods, transportation, and communications, it was explained by the National Institute of Statistics (INE). The Consumer Price Index (CPI) grew only 4.9% in 2005.

Although the new data fell within the Uruguayan Central Bank's target range of 3 to 6%, some analysts foresee results above 6% for 2024.

Pushing inflation upwards were food (6.2%) and housing (6.6%). In December, Uruguay's year-on-year inflation reached 5.11%, an increase from November's interannual 4.96%.

“The CPI for December 2023 registered a monthly variation of -0.11%, accumulated in the year 5.11% and in the last 12 months of 5.11%,” the INE report read. Lemons alone went up 15.91% in December while Food and Non-Alcoholic Beverages averaged 0.98% and Meat and by-products 0.39%. Other fruits also showed considerable adjustments: Oranges (9.08%), Apples (12.21%), Pears (10.37%), and fresh Strawberries (22.42%) while peaches fell (24.81%).

Also increasing were the price of Lettuce (13.14%), Spinach -fresh or refrigerated- (21.76%), Tomatoes (10.79%), Carrots (4.80%), and Potatoes (4.12%); while sweet potatoes and onions went down 13.90% and 4.88% respectively.