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Financial News: Sweden Inflation Eases To 4.4%, Lowest In 22

Sweden Inflation Eases To 4.4%, Lowest In 22 Months

01/15/2024 - 06:44:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation moderated further in December to the lowest level in nearly two years, data from Statistics Sweden showed on Monday.

The consumer price index, or CPI, rose 4.4 percent year-over-year in December, slower than the 5.8 percent increase in November. Economists had expected inflation to ease to 4.3 percent.

Further, this was the slowest rate of inflation since February 2022, when prices had risen 4.3 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a weaker pace of 2.3 percent annually in December versus 3.6 percent growth in the prior month.

Moreover, this was the weakest rate since July 2021, amid lower electricity charges. The expected rate was 3.9 percent.

Nonetheless, the inflation was still above the Riksbank's target of 2.0 percent.

Among product groups, utility costs rose at a slower pace of 3.3 percent annually in December versus an 8.77 percent increase a month ago. The slowdown was largely attributed to a 38.9 percent plunge in electricity costs.

Meanwhile, clothing and footwear prices grew at an accelerated pace of 5.96 percent, and transport charges were 4.26 percent higher.

Month-on-month, consumer prices moved up 0.7 percent after rising 0.3 percent in November. Prices were expected to increase by 0.6 percent. Core consumer prices also climbed 0.3 percent.

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