Investor Presentaiton

Broad-based deceleration of the pace of price increases. Heatmap for Components of Headline inflation Core inflation Non-Tradable (NT) Inflation Rent Beverages Out of Home Foods Out of Home- meats Foods Out of Home- flour Diverse foods and beverages Breads and cereals Diverse services Clothing Household Communications Recreation and personal Vehicles Education Domestic Diverse goods Tradable (T) Inflation Diverse foods Beverages Meats and fish Red meat Poultry meat Meat Others Breads and cereals Non-Food Manufactured Goods Clothing Personal Hygiene Furniture Appliances Cleaning Medication Vehicles Publications Other Tradable Services Jan-22 Jul-22 Jan-23 Aug-23 Inflation 2 -2 Note: The data series for each inflation item is adjusted for seasonal variation and standardized relative to the historical average of Trend-cycle component. Source: Central Bank of Uruguay. Core inflation excludes fruit and vegetables as well as administered prices. 14

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