Uruguay’s inflation rate falls to 4.79% in July, within the government’s target range

Uruguay’s annual inflation rate was 4.79% in July, within the government’s target range of 3% to 6%.

According to the latest report from the National Institute of Statistics (INE), the monthly variation in July was -0.36%, and the cumulative variation for the year is 3.40%.

Compared to July 2022, inflation dropped from 9.56% to 4.79%.

Key factors affecting the monthly index variation were decreases in Food and Non-Alcoholic Beverages (-0.34%) and Clothing and Footwear (-0.7%), with a noted increase in Housing (0.01%).

Specific items like fresh spinach rose by 27.98%, while bottled water prices dropped by 24.16% due to a subsidy related to a water crisis.

In housing, rents increased by 0.44%, while the price of piped gas supply decreased by 13%.