Investor Presentaiton
Inflation outturn is in line with Central Bank's projections,
and inflation expectations are converging.
Central Bank's projected inflation path and inflation
expectations (2)
(YoY, in %)
12
Estimated Surprise inflation component (2)
(Difference between MoM headline inflation and MoM
median inflation expectation for corresponding month, in %)
0.8
Central Bank's
projected
0.6
10
■ Inflation path as of
June 2023
0.4
L
0.2
Inflation
0.0
Expectation by
end-2023
-0.2
Inflation target band
5.0
-0.4
Monthly inflation
4
below market
expectation for
-0.6
that month
Monthly inflation
above market
expectation for
that month
0.08
2
-0.8
Jun.-20
Sep.-21
Dec.-22
Dic-23
Jun-25
Sep-21
May-22
Jan-23
Sep-23
(1) Source: Source: Central Bank of Uruguay. Quarterly forecasts of the baseline scenario as of June 2023. Median inflation expectations based on Central Bank's market survey as of September
2023.
(2) Source: Central Bank of Uruguay.
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