Inflation rises in October from the prior month

Latest reading: Consumer prices rose 4.3% on a year-on-year basis in October, following a 4.2% increase in the prior month. Relative to the previous month's figures, there were higher price pressures for food and non-alcoholic beverages (+5.2% on a year-on-year basis vs +4.6% in September) and transportation (+0.7% vs +0.6% in September). In contrast, there were reduced price pressures for clothing and footwear (-1.4% vs -1.2% in September) and housing and utilities (+4.1% vs +4.2% in September). Core consumer prices were up 4.7% year-on-year in October, following a 4.9% rise in the prior month. Moreover, the National Statistics Institute of Uruguay released a new core consumer price index (CPI), which excludes centrally priced or administered products, as well as fruits, vegetables and fuel. The new core CPI was also up 4.7% in annual terms in October, compared to a 5.0% rise in September. That said, both core inflation measures, along with the headline CPI, moved closer to the Central Bank’s 4.5% target, remaining within the tolerance band of plus or minus 1.5 percentage points. Lastly, consumer prices rose 0.40% in October in month-on-month terms, unchanged from the prior month's reading.

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