Uruguay consumer prices up 8.5 pct in 2013, top government target

MONTEVIDEO Fri Jan 3, 2014 1:06pm EST

MONTEVIDEO Jan 3 (Reuters) - Uruguayan consumer prices rose 8.52 percent in 2013, outpacing the government's 6 percent target ceiling but undershooting the 8.86 percent forecast by analysts, the country's official statistics office said on Friday.

It was the third year in which the South American country failed to hit its full-year inflation target of 4 to 6 percent. Uruguay registered 7.48 percent inflation in 2012. For 2014 the target range has been loosened to between 3 and 7 percent.

Consumer prices declined 0.72 percent in December due to lower electricity and food prices, more than the overall 0.41 percent decline expected by the market, according to the most recent central bank poll of economists.