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Financial News: Sweden Inflation Eases To 4.5%

Sweden Inflation Eases To 4.5%

03/14/2024 - 04:52:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation softened more-than-expected in February after acclerating in the prior month, data from Statistics Sweden showed on Thursday.

The consumer price index, or CPI, rose 4.5 percent year-over-year in February, slower than the 5.4 percent increase in January. Economists had expected inflation to ease to 4.7 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a weaker pace of 2.5 percent annually in February versus 3.3 percent growth in the prior month. The expected rate was 2.8 percent.

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

The annual price growth in food and non-alcoholic beverages eased to 1.17 percent from 3.8 percent.

Utility costs grew at a slower pace of 9.42 percent versus a 10.05 percent surge in January, due to a 12.7 percent slump in electricity charges. Meanwhile, transport charges rose at a faster pace of 1.48 percent.

Month-on-month, consumer prices moved up 0.2 percent in February, reversing a 0.1 percent drop in the prior month. The expected rebound was 0.3 percent. Core consumer prices also increased by 0.2 percent.

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