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Financial News: Sweden Consumer Prices Rise In June

Sweden Consumer Prices Rise In June

07/14/2020 - 06:05:00 (RTTNews)

(RTTNews) - Sweden's consumer prices grew in June after remaining unchanged in the previous month, data from Statistics Sweden showed on Tuesday.

The consumer price index rose 0.7 percent year-on-year in June, after remaining unchanged in May. Economists had expected a 0.5 percent rise.

The increase in the inflation rate is mainly explained by higher prices on food and non- alcoholic beverages, the statistical office said.

On a month-on-month basis, consumer prices rose 0.6 percent in June, same as seen in the preceding month. Economists had forecast a 0.5 percent rise.

The statistical office said 2.7 percent of the CPI basket was imputed due to absence of consumption due to the coronavirus, or Covid-19, disruptions.

Prices for car rentals increased and those of fuel and electricity rose slightly. Vegetable prices were lower than in May.

The CPI with fixed interest rate, or CPIF, rose 0.7 percent yearly in June, after remaining unchanged in the prior month. Economists had expected a 0.5 percent increase

On a monthly basis, the CPIF increased 0.6 percent in June, same as seen in the previous month. Economists had forecast a 0.4 percent gain.

The main contribution to the CPIF monthly rate came from price increases on transport, the statistical office said.

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