Monetary Policy Framework Enhancement

4 Inflation has been trending significantly down, although remains slightly above inflation target Headline Inflation (1) (YOY, in %) 12 10 8 6 4 7.9 Q7.3 Tradable and Non-Tradable Inflation (2) (YOY, in %) 16 12 -Tradable inflation Non-tradable inflation Inflation 8.4 expectation (year-end) 8 7.6 4 2 Sep-19 Feb-20 Jul-20 Dec-20 May-21 Oct-21 Dec-21 Sep-19 Feb-20 Jul-20 Dec-20 May-21 Oct-21 (1) Source: National Institute of Statistics and Central Bank of Uruguay. Median inflation expectations based on Central Bank's market survey as of October 2021. (2) Source: Central Bank of Uruguay. 18

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