Financial News: Sweden Inflation Eases To 1.9%, Lowest In 37

Sweden Inflation Eases To 1.9%, Lowest In 37 Months

09/12/2024 - 03:52:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation slowed more than expected in August to the lowest level in just over three years, data from Statistics Sweden showed on Thursday.

The consumer price index, or CPI, climbed 1.9 percent year-over-year August, slower than the 2.6 percent rise in July. Economists had expected inflation to moderate to 2.1 percent.

Further, this was the weakest inflation since July 2021, when prices had risen 1.4 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, increased at a moderate pace of 1.3 percent annually in August versus 2.3 percent growth in the prior month. Moreover, the inflation remained below the Riksbank's target of 2.0 percent.

The annual price growth in housing and utilities eased to 4.5 percent from 6.3 percent. Lower electricity prices partially offset the overall higher housing costs, according to the agency.

Health costs also grew at a softer pace of 5.7 percent versus 6.2 percent in July. Meanwhile, transport costs declined 1.6 percent due to a 20.5 percent plunge in fuel costs.

Month-on-month, consumer prices declined 0.6 percent in August, reversing a 0.1 percent slight rebound in July.

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