Uruguay: Inflation eases in September
Latest reading: Inflation eased to 5.3% in September from August’s 5.6%, marking the weakest inflation rate since June. Looking at the details of the release, price pressures for food and non-alcoholic beverages plus transportation eased. On the flipside, housing prices rose at a quicker pace.
Meanwhile, the trend pointed upwards, as annual average inflation ticked up to 4.8% in September (August: 4.6%).
Finally, consumer prices increased 0.37% in September over the previous month, picking up from August’s 0.29% rise, logging the highest reading since May.
Panelist insight: Commenting on the release, analysts at JPMorgan stated:
“We forecast annual headline CPI to continue decelerating through November on base effects, with inflation rebounding in December to close the year at 5.5%oya. […] Going into 2025, amid persistent non-tradeable CPI pressures, further inflation deceleration would rely on reinforcing the monetary framework with the aim of breaking down further inflation expectations.”