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Financial News: Sweden Inflation Highest Since July 1991

Sweden Inflation Highest Since July 1991

07/14/2022 - 05:40:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation accelerated at a faster-than-expected pace in June to reach its highest level in nearly thirty-one years, figures from Statistics Sweden showed on Thursday.

Consumer prices climbed 8.7 percent year-over-year in June, following a 7.3 percent increase in May. Economists had forecast an inflation rate of 8.3 percent.

The latest inflation was the highest since July 1991, when prices had grown 9.1 percent.

Prices for food and non-alcoholic beverages grew 11.6 percent annually in June and transport costs logged a sharp growth of 13.91 percent amid soaring fuel prices.

On a monthly basis, consumer prices went up 1.4 percent in June, faster than May's 1.0 percent increase. The expected rate of rise was 1.1 percent.

Inflation, based on the CPI with fixed interest rate or CPIF, also rose to 8.5 percent in June from 7.2 percent in the preceding month.

That was above the expected rate of 8.1 percent. Moreover, this was also the biggest increase since July 1991.

"Prices on food, electricity and fuel rose and affected the inflation rate the most", Sofie Öhman, statistician at Statistics Sweden, said.

The latest rise in CPIF inflation was significantly affected by rising prices for food and non-alcoholic beverages, where meat, milk, cheese, eggs, coffee and bread had the highest contribution.

On a monthly basis, the CPIF increased 1.2 percent in June, following a 1.0 percent gain the previous month. Economists had forecast a 0.9 percent rise.

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