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Financial News: Sweden Inflation Accelerates More Than Forecast

Sweden Inflation Accelerates More Than Forecast

06/14/2022 - 03:57:00 (RTTNews)

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

Consumer prices climbed 7.3 percent year-over-year in May, following a 6.4 percent increase in April. Economists had forecast inflation to rise to 7.0 percent.

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

"Increasing food prices strongly contributed to the inflation rate", says Carl MÃ¥rtensson, statistician at Statistics Sweden, said.

Transport costs alone surged 10.7 percent annually in May and prices for food and non-alcoholic beverages grew 8.8 percent. Utility costs also registered a sharp increase of 8.86 percent.

On a monthly basis, consumer prices went up 1.0 percent in May, faster than the 0.6 percent gain in the prior month. The expected rate was 0.9 percent.

Inflation, based on the CPI with fixed interest rate or CPIF, rose to 7.2 percent in May from 6.4 percent in April. That was above the expected rise of 7.0 percent.

The latest rise in CPIF inflation was largely driven by an 8.8 percent surge in prices of food and non-alcoholic beverages, which was the biggest annual hike in thirty-nine years.

On a monthly basis, the CPIF moved up 1.0 percent in May, following a 0.6 percent increase in the previous month. Economists had forecast a 0.8 percent rise.

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