Uruguay Inflation Hits 20-Year Low

Uruguay’s annual inflation eased to 3.65% in December 2025, down from 4.09% in November and marking the lowest rate since August 2005. Deflation deepened in clothing and footwear (-2.6% vs -2.2%) and transport (-1.4% vs -0.3%). Price increases slowed for food and non-alcoholic beverages (4.47% vs 5.2%) and furniture and household articles (1.4% vs 2.0%). On a monthly basis, the CPI fell 0.10%, reversing a 0.14% increase in November.

Uruguay’s annual inflation eased to 4.09% in November 2025 from 4.32% in October 2025, marking the sofest rate since April 2024. Declining contributors included food and non-alcoholic beverages (-0.23% vs +0.85% in October), alcoholic beverages and tobacco (-0.34% vs +0.33%), recreation, sport and culture (0.21% vs 0.55%), personal care, social protection and sundries (0.36% vs 0.75%), furniture and household articles (0.12% vs 0.16%) and clothing and footwear, which slowed sharply (0.09% vs 2.07%). By contrast, prices rose more for health (0.82% vs 0.20%), transport (0.65% vs 0.01%), restaurants and accommodation (0.46% vs 0.38%), information and communication (0.24% vs 0.00%), education (0.19% vs 0.01%) and insurance and financial services (0.01% vs -0.21%). On a monthly basis the CPI rose 0.14% in November, after a 0.40% increase in October.

Uruguay’s annual inflation accelerated slightly to 4.25% in September 2025 from 4.20% in August. The pickup was driven by higher prices for food and non-alcoholic beverages (4.65% vs 4.61%), utilities (4.17% vs 3.59%), information and communication (4.94% vs 4.47%), and furniture and household articles (2.28% vs 1.46%). In contrast, inflation eased for transport (0.64% vs 1.20%), restaurants and lodging (6.97% vs 7.22%), insurance and financial services (5.31% vs 5.83%), personal care and social protection (4.48% vs 4.68%), healthcare (4.98% vs 5.48%), alcoholic beverages and tobacco (4.04% vs 4.15%), and education (7.04% vs 7.14%). Clothing and footwear prices fell further (-1.23% vs -1.09%). On a monthly basis, consumer prices increased 0.42%, following a 0.03% decline in August.