November Producer Price deflation suggests further CPI deceleration

URUGUAY - Report 30 Nov 2022 by Esteban Fernández Medrano

Following softer food and energy prices and a somewhat stronger local FX rate, the recently published November Wholesale Price Index registered deflation of -3.5% m/m, reinforcing the October reading of -5.8% m/m. The resulting -0.9% y/y rate is the lowest annual inflation rate since 2017 and a sharp contrast with the 22.9% y/y rate seen only last March.

Although the economy is showing solid growth figures and the labor market remains relatively tight, we anticipate at least a temporary accompaniment of CPI inflation with this decline in wholesale price inflation.

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