Uruguay May Raise Benchmark Rate to 8% as Prices Accelerate

Uruguay’s central bank will likely raise its benchmark interest rate today as policy makers struggle to slow inflation that is accelerating beyond their target range.

The five-member policy committee, led by bank President Mario Bergara, will increase the rate at least 50 basis points, or 0.5 percentage point, to 8 percent today after boosting it 100 basis points on March 23, said Tamara Schandy, an economist at Deloitte Uruguay in Montevideo. Two other economists surveyed by Bloomberg also expect a half-point increase. The board will announce its decision after 4 p.m. New York time.