Investor Presentaiton
3 Headline inflation has fallen sharply (to lowest level in 18 years), on the
back of decelerating tradeable and non-tradable inflation, unwinding of
supply effects from the drought and a restrictive monetary policy.
Headline inflation (1)
(YoY, in %)
Tradable inflation (2)
(YOY, in %)
Administered prices inflation (2)
(YoY, in %)
Weight in CPI Basket: 40.6%
16
22.8%
12.0
12
-Headline inflation
Core inflation
12
8
4
8.0
1.05
4.0
2.5
Jul-20
Jul-21
Jul-22
Jul-23
Jul-20
Jul-21
Jul-22
Jul-23
Non-tradable inflation (2)
(YOY, in %)
Fruits and vegetables inflation (2)
(YOY, in %)
12
33.7%
55
2.9%
28.9
Inflation target band
4.8
4
4
8
4
40
7.6
25
10
-5
Jul-20 Apr-21
Jan-22
Oct-22
Jul-23
-20
Jul-20
Jul-21
Jul-22
Jul-23
Jul-20
Jul-21
Jul-22
Jul-23
(1) Source: National Institute of Statistics and Central Bank of Uruguay.
(2) Source: Central Bank of Uruguay.
Core inflation excludes fruit and vegetables as well as administered prices.
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