July 5, 2016 / 6:57 PM / in 2 years

UPDATE 1-Uruguay inflation rises to 0.4 pct in June

(Updates with background)

MONTEVIDEO, July 5 (Reuters) - Consumer prices in Uruguay were up 0.4 percent in June compared to the previous month while annual inflation through June totaled 10.94 percent, the National Statistics Institute said on Tuesday.

The central bank’s inflation target ceiling is 7 percent this year.

Inflation is of concern in the region.

Argentina’s finance minister estimated that annual inflation was 40 to 42 percent through May but that consumer price increases would start easing in June.

The government reported that monthly inflation was 4.2 percent in May, one of the highest rates in the world, and will release June inflation data next week.

Inflation is running above target in Brazil, where a central bank poll this week projected inflation at 7.27 in 2016 and at 5.43 percent in 2017.

Both readings would be above the government’s 4.5 percent target. (Reporting by Malena Castaldi, writing by Joanna Zuckerman Bernstein and Hugh Bronstein; Editing by Chizu Nomiyama)

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