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12 11 II. Inflation has fallen significantly and is back within the target band 10 9 8 7 CO 6 LO 5 4 3 Inflation (annual, in %) Inflation Target Band 12 11 10 9 8 7 6.55 6 Tradable and Non-Tradable Inflation (annual, in %) 7.6 5.7 5 Non Tradable Sector 4 Tradable Sector 3 2 2 Dec-14 Dec-15 Dec-16 Dec-17 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Source: National Bureau of Statistic & Central Bank of Uruguay 10

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