March 31, 2017 / 1:28 AM / a year ago

Uruguay cenbank chief says inflation closing in on target

ASUNCION, March 30 (Reuters) - Uruguay is closing in on its yearly inflation target of 3 percent to 7 percent, central bank chief Mario Bergara said on Thursday, raising hope that March’s consumer price data could push the country into range after years of higher-than-desired inflation.

Consumer prices in Uruguay rose 0.5 percent in February and inflation for the previous 12 months totaled 7.1 percent,

“We are at the doorway to the target range established by the economy ministry and the central bank. We hope to enter this range sooner rather than later. Hopefully this month, but we have to wait and see the data,” Bergara said on the sidelines of a meeting of the Inter-American Development Bank in Asuncion.

February’s consumer price reading moved Uruguay to within striking range of its target after January inflation data showed a higher-than-expected 2.6 percent increase, which put 12-month inflation at 8.3 percent. (Reporting by Daniela Desantis; Editing by Lisa Shumaker)

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