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Financial News: Sweden Inflation Rises More Than Expected

Sweden Inflation Rises More Than Expected

11/15/2021 - 08:11:00 (RTTNews)

(RTTNews) - Sweden consumer price inflation rose more-than-expected in October, figures from Statistics Sweden revealed on Monday.

Consumer price inflation increased to 2.8 percent in October from 2.5 percent in September. The rate was expected to rise to 2.7 percent. A similar higher rate was last seen in November 2011.

On a monthly basis, consumer prices gained 0.2 percent, but slower than the 0.5 percent increase in September.

Inflation, based on the CPI with fixed interest rate or CPIF, increased to 3.1 percent from 2.8 percent in September. This was above economists' forecast of 2.9 percent.

Month-on-month, the CPIF was up 0.2 percent in October.

CPIF inflation rose to a 15-year high in October, although the headline rate was just half that reached in the US, for example, and the core rate remained below 2 percent, David Oxley, an economist at Capital Economics, said.

The upshot is that there is nothing in today's data that will panic the Executive Board of Riksbank, the economist noted. But it will be harder for them to be as dovish at next week's policy meeting as the have been so far.

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