Uruguay closes 2022 with inflation of 8.29%

Inflation in Uruguay stood at 8.29% in the accumulated of 2022, above the 7.96% registered in 2021, the National Institute of Statistics (INE) reported Wednesday.

The increase in the Consumer Price Index (CPI) exceeded for the fifth consecutive year the official target range, which since last September has been between 3% and 6% and which in previous years had a ceiling of 7%.

In December, the CPI reported a negative variation of 0.26%, in which Food and Non-Alcoholic Beverages had the highest incidences with a slight increase of 0.18%, Housing with a decrease of 0.47% and Transportation with a setback of 0.12%.

Inflation began to slow down after reaching the highest level since July 2020 in September (9.95%), although it remained outside the ceiling of the official target range for the eleventh consecutive month.

The Executive Branch established as a goal that inflation be below 6% by the end of 2022 and reach 3.7% by the end of 2024, according to the projections contained in the National Budget.

Analysts consulted in the latest expectations survey of the Central Bank of Uruguay forecast inflation of 8.40% for 2022 and a negative record of 0.30%for December.

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