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Financial News: Sweden Inflation Accelerates More Than Expected

Sweden Inflation Accelerates More Than Expected

05/12/2022 - 07:14:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation accelerated at a faster-than-expected pace in April to remain its highest level for more than three decades, figures from Statistics Sweden showed on Thursday.

Consumer prices climbed 6.4 percent year-over-year in April, following a 6.0 percent increase in March. Economists had forecast an inflation rate of 6.1 percent.

The latest inflation was the highest since December 1991, when prices had grown 7.9 percent.

"Continued widespread price increase in April, including food, household equipment, restaurant visits and hotels," Mikael Nordin, statistician at Statistics Sweden, said.

Transport costs surged 11.6 percent annually in April and and those of furnishings and household goods rose 8.54 percent.

On a monthly basis, consumer prices went up 0.6 percent in April, slower than March's 1.8 percent increase. The expected rate of rise was 0.5 percent.

Inflation, based on the CPI with fixed interest rate or CPIF, also rose to 6.4 percent in April from 6.1 percent in the preceding month.

Economists had expected a 6.2 percent rise. This was also the highest since December 1991.

The latest rise in CPIF inflation was significantly affected by rising prices for energy and food and non-alcoholic beverages, especially dairy products.

On a monthly basis, the CPIF increased 0.6 percent in April, following a 1.7 percent gain the previous month. Economists had forecast a 0.4 percent rise.

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