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Uruguay’s annual inflation rate edged up to 4.27% in July 2026 from 4.25% in June. The strongest pressures were recorded in education (6.93%), followed by restaurants and hotels (6.72%), transport (5.76%), healthcare (5.59%), personal care and social protection (5.12%), housing and utilities (5.03%), recreation, sport and culture (4.56%), and information and communication (4.29%). Food prices increased 2.95%, while clothing and footwear remained the only major category in deflation, with prices falling 5.83%. On a monthly basis, consumer prices rose 0.07%, bringing year-to-date inflation to 3.40%.

Uruguay Inflation Rises Slightly in July

Palladium futures climbed above $1,360 per ounce, heading toward a two-month high as broad gains across the precious metals complex supported prices. Progress in US-Iran negotiations led markets to scale back expectations for a September Fed rate hike, while a weaker dollar made dollar-denominated metals more affordable for foreign buyers. Investors now await upcoming US labor market data for further clues on the Fed's policy outlook. US consumers continued to favor hybrid vehicles over battery-electric models in the first half of 2026, supporting demand for palladium used in catalytic converters. However, broader demand remained under pressure as Chinese EV sales rose for a third straight month in July. Nornickel, the world's largest palladium producer, also expects a global palladium market surplus in 2026 as rising EV adoption weakens long-term demand.

Palladium Climbs Toward Two-Month High

US gasoline futures held near $2.85 per gallon on Wednesday after touching a one-month low of $2.80 earlier in the session, as growing optimism over a potential US-Iran agreement backed an outlook of improved supply. President Donald Trump said talks with Tehran were ongoing, while Iran and Oman continued discussions aimed at restoring tanker flows in the Persian Gulf. Still, prices remained about 24% above pre-war levels amid supply concerns from elsewhere. Yemen's Iran-backed Houthis claimed they had targeted a Saudi oil tanker in the Red Sea. In Russia, diesel and gasoline exports plunged 60% in July as Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027 while increasing imports from Belarus, India, Kazakhstan, and Morocco. Meanwhile, EIA data showed US gasoline inventories fell by 1.643 million barrels in the week to July 31st, exceeding expectations and leaving stocks 7% below the five-year seasonal average.

Gasoline Holds Near One-Month Low

The FTSE MIB Index fell 94 points or 0.17 percent on Wednesday to close at 53447 points. Leading the losses are Fincantieri (-2.27%), Infrastrutture Wire (-2.24%) and STMicroelectronics (-2.09%). Top gainers were Lottomatica (3.79%), Unipol Gruppo (1.72%) and Banca Monte dei Paschi di Siena (1.64%).

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