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Inflation above target: shock to beef prices and FX depreciation partially offset by falling non-tradable inflation Headline inflation (Annual, in %) 12 Tradable and non-tradable inflation components 1/ (Annual, in %) 16 Tradables Inflation Tradables without Beef First Covid-19 10 10 cases confirmed 10.4 expectation 1 10.0 14 Non-Tradables on March 13 8 00 6 4 12 10 8 Inflation Target Band 6 4 13.7 11.0 7.3 2 2 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Dic-20 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 1/ Median expectation in Central Bank's market survey as of June 2020 Source: National Institute of Statistics (INE); Central Bank of Uruguay 1/ Excluding fruits and vegetables, and administred prices 15

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