Financial News: Sweden Inflation Slows To 2.6%, Lowest In 33

Sweden Inflation Slows To 2.6%, Lowest In 33 Months

07/12/2024 - 04:07:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation softened further in June to the lowest level in more than two-and-a-half years, data from Statistics Sweden showed on Friday.

The consumer price index, or CPI, rose 2.6 percent year-over-year in June, slower than the 3.7 percent increase in May. Economists had expected inflation to ease to 2.8 percent.

Further, this was the slowest inflation rate since September 2021, when prices had risen 2.5 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, increased at a slower pace of 1.3 percent annually in June versus 2.3 percent growth in the prior month. This was the lowest rate since December 2021.

Moreover, the inflation came under the Riksbank's target of 2.0 percent.

The annual price growth in food and non-alcoholic beverages eased to 1.1 percent in June from 1.5 percent in May.

Clothing costs were 5.5 percent more expensive in June, while prices for fuel declined by 12.5 percent.

The overall inflation in June largely came from higher housing costs, which was partly offset by lower electricity prices, the agency said.

Month-on-month, consumer prices edged down 0.1 percent in June, following a 0.2 percent gain in the prior month. Prices were expected to increase by 0.1 percent. Meanwhile, core consumer prices remained flat.

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