Consumer prices in Uruguay during May increased 0.32% and 8.06% in the last twelve months which is still above the annual top target range of 6%, but on the positive side for the fourth month running inflation has been decreasing, according to the latest release from the stats office INE.
Uruguay’s central bank surprised the market by keeping on hold the benchmark interest rate at 9.25% after increases at the two previous monetary policy meetings failed to slow inflation, one of the country’s main concerns.