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Financial News: Sweden Inflation Climbs To 5.4%, More Than Expected

Sweden Inflation Climbs To 5.4%, More Than Expected

02/19/2024 - 02:56:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation increased for the first time in nearly a year in January after easing to a 22-month low in December, data from Statistics Sweden showed on Monday.

The consumer price index, or CPI, rose 5.4 percent year-over-year in January, faster than the 4.4 percent increase in December. Economists had expected inflation to rise to 5.1 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a faster pace of 3.3 percent annually in January versus 2.3 percent growth in the prior month. The expected rate was 3.1 percent.

Moreover, the inflation was well above the Riksbank's target of 2.0 percent.

The contributions to the inflation rate in January came from higher housing costs, which were mainly affected by rising fees for rented and tenant-owned apartments as well as increased mortgage costs, the agency said.

Among product groups, utility costs rose at an accelerated pace of 10.1 percent annually in January versus a 3.3 percent increase a month ago.  Prices of food and non-alcoholic beverages were 3.82 percent higher.

Meanwhile, the yearly price growth in transport charges eases markedly to 0.90 percent from 4.26 percent amid a 16.3 percent plunge in fuel costs. Electricity charges were 11.0 percent cheaper compared to last year. 

Month-on-month, consumer prices edged down 0.1 percent in January, reversing a 0.7 percent increase in the prior month. The expected fall was 0.4 percent. Core consumer prices declined by 0.3 percent.

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