Financial News: Sweden Inflation Climbs To 12.0% On Higher Food

Sweden Inflation Climbs To 12.0% On Higher Food Prices

03/15/2023 - 04:15:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation increased unexpectedly in February, largely driven by higher food costs, data from Statistics Sweden showed on Wednesday.

The consumer price index rose 12.0 percent year-over-year in February, faster than the 11.7 percent increase in January. Economists had forecast inflation to remain stable at 11.7 percent.

The 12.3 percent inflation in December was the highest since February 1991, when prices had grown 13.1 percent.

?The central bank expects inflation to rise to 8.6 percent in 2023, before easing sharply to 3.6 percent next year.

Data showed that the consumer price index with fixed interest rate increased at a slightly faster pace of 9.4 percent annually in February, following a 9.3 percent gain in January. The expected increase was 9.2 percent.

The upward trend in inflation was largely attributed to the price developments in food products, especially in vegetables. Food prices alone grew 22.1 percent compared to last year.

Housing costs were 18.4 percent more expensive in February, and those for furnishings and household goods climbed 13.2 percent.

The interest rates for households' mortgages rose and contributed by 2.7 percentage points to the annual inflation rate, the agency said.

Month-on-month, consumer prices rose 1.1 percent in February, reversing a 1.1 percent fall in the prior month. That was above the 0.9 percent rise expected by economists. Similarly, the CPIF moved up 0.9 percent versus a forecast of 0.7 percent.

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