Financial News: Swedish Inflation Confirmed At 0.5%

Swedish Inflation Confirmed At 0.5%

(RTTNews) - Sweden's consumer price inflation eased as initially estimated in March to the lowest level in more than four years, the latest data from Statistics Sweden showed on Friday.

The consumer price index, or CPI, rose 0.5 percent year-over-year in March, slower than the 1.3 percent increase in February. That was in line with the flash data published on April 4.

Further, this was the lowest inflation rate since December 2020, when prices had risen the same 0.5 percent.

The inflation rate was offset by lower fuel prices and lower housing costs, where electricity prices and interest expenses had a clear downward impact, the agency said.

Electricity prices were 3.1 percent less expensive compared to last year, and the annual price growth in clothing and footwear eased to 1.4 percent in March from 3.8 percent a month ago. Meanwhile, food prices grew at an accelerated pace of 5.4 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a slower pace of 2.3 percent annually in March versus 2.9 percent growth in the prior month, as estimated.

However, the inflation is still above the Riksbank's target of 2.0 percent.

Month-on-month, consumer prices dropped 0.7 percent in March, reversing a 0.6 percent rise in the prior month. Thus, the preliminary estimate was confirmed.

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