Macroeconomic Forecast Uruguay

Headline consumer price inflation in Uruguay stayed mostly flat in October at -0.01% m-o-m, with the y-o-y inflation rate falling to 6.5%, from 6.9% in September. With November and December 2008 setting a particularly high base for inflation in Uruguay, climbing to 9.2% y-o-y - a four-year high - we expect the headline inflation rate to continue to drop towards year-end. However, we caution that our end-2009 target of 5.4% may be on the low side.

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