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CERES: Macro Reality: South American and the Global Economy

With a focus on Uruguay, this report from CERES provides some insightful economic data on South America as well as the Global Economy. The report can be found here:

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Some highlights:

United States: The OECD projects a 2.5% growth for 2022 and 1.2% for 2023. Year over year inflation in May was 8.6%: 0.3 percentage points below April 2022 and 7 percentage

points above March 2020 levels. The Federal Reserve hiked the federal funds rate, which reached 1 75%.

Euro Zone: The OECD projects a 2.6% growth in 2022 and 1.6% in 2023. Year over year inflation in May was 8.1%: 0.7 percentage points above the previous month.

China: According to the OECD growth expectations for the current year stand at 4.4% and 4.9% for 2023. The services sector begins its recovery path but remains under the value that indicates expansion. May’s inflation printed at 2.1% with no variation compared to the previous month.

Commodities: Brent crude oil is at 112 dollars per barrel, 0.6% above the previous month, and its price remains volatile. The general food price index presented no variation compared to the previous month. Beef prices also showed no change compared to the previous month. In June milk prices increased by 4 compared to the previous month’s average. Soy prices are 1 above the previous month´s average.

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