MONTEVIDEO: Uruguay consumer price inflation accelerated to 8.6 percent last year from 6.93 percent the previous year, the government said on Tuesday.
The figure beat market expectations in a central bank poll of analysts that predicted annual inflation of 8.19 percent. It also came in above the official target range of 4.0 percent to 6.0 percent inflation for the year.
In December, consumer inflation rose 0.7 percent, boosted by higher prices for alcoholic beverages and transportation, above analyst estimates Of a 0.32 percent rise last month.
Uruguay's central bank raised its key interest rate 75 basis points to 8.75 percent last week, citing inflationary pressures.
Economic growth in the South American country sped up in the third quarter, expanding by 7.5 percent from a year earlier and by 2.9 percent from the second quarter, partly due to a rebound in imports.
The traditionally agriculture-based economy has grown at a fast clip since 2003. Officials forecast gross domestic product will expand about 6 percent this year.
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