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Financial News: Sweden Inflation Highest In Nearly 32 Years On

Sweden Inflation Highest In Nearly 32 Years On Higher Electricity, Food Costs

01/13/2023 - 03:32:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation accelerated more-than-expected in December to the highest level in nearly thirty-two years amid higher costs for electricity, food, and fuel prices, figures from Statistics Sweden showed on Friday.

Consumer prices climbed 12.3 percent year-over-year in December, faster than the 11.5 percent increase in November. That was also above the 12.0 percent rise economists had expected.

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

Utility costs surged 20.2 percent yearly in December, as electricity costs alone grew 45.3 percent.

Prices for food and non-alcoholic beverages were 18.24 percent more expensive, linked to increased prices for milk, cheese and eggs, meat as well as bread and cereals.

Higher fuel costs were responsible for an 8.83 percent rise in transport charges in December.

On a monthly basis, consumer prices moved up 2.1 percent in December versus 1.0 percent in November. Prices were forecast to rise by 1.8 percent.

Inflation, based on the CPI with fixed interest rate or CPIF, also rose to 10.2 percent in December from 9.5 percent in the preceding month. The expected rate was 9.9 percent.

In the meantime, the Riksbank aims to keep inflation around 2 percent in terms of the CPIF.

Compared to the previous month, the CPIF increased 1.9 percent in December, after a 0.7 percent gain in November.

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