Inflation Uruguay 2023
Average inflation: 5.9%
Inflation in 2023
Inflation is very high at 5.9%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 8.0%. The lowest inflation was in September at 3.9%.
- Highest month
- January: 8.0%
- Lowest month
- September: 3.9%
- Difference
- 4.1 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 2.2 percentage points lower than the 5-year average of 8.1%. This approaches the lowest level since records began (5.9% in 2023).
- 5-year average
- 8.1%
- 10-year average
- 8.2%
- All-time high (2020)
- 9.8%
- All-time low (2023)
- 5.9%
Trend
Over the period 2021-2023, inflation shows a downward trend. Compared to 2022, inflation has fallen by 3.2 percentage points.
- Change vs. previous year
- -3.2 percentage points
- Largest monthly swing
- September: -6.0 percentage points
ECB Target
Inflation is 3.9 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for UYU 100 this year will cost approximately UYU 105.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.0% | -0.2 |
| February | 7.6% | -1.2 |
| March | 7.3% | -2.1 |
| April | 7.6% | -1.8 |
| May | 7.1% | -2.3 |
| June | 6.0% | -3.3 |
| July | 4.8% | -4.8 |
| August | 4.1% | -5.4 |
| September | 3.9% | -6.0 |
| October | 4.3% | -4.7 |
| November | 5.0% | -3.5 |
| December | 5.1% | -3.2 |
| Average | 5.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.