Origin of Ultimo
First attested in 1582; from the Latin ultimō (elliptically for ultimō diÄ“ or ultimō mÄ“nse), masculine ablative singular form of ultimus (“last"); cognate with Dutch ultimo, the German ultimo, the Swedish ultimo, etc.
Latin ultimō (mēnse) in the last (month) ablative of ultimus last ultimate
From American Heritage Dictionary of the English Language, 5th Edition
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