Financial News: Swedish Inflation Steady At 2.6%

Swedish Inflation Steady At 2.6%

08/14/2024 - 04:34:00 (RTTNews)

(RTTNews) - Sweden's consumer price inflation unexpectedly held steady in July after easing in the previous five months, data from Statistics Sweden showed on Wednesday.

The consumer price index, or CPI, climbed 2.6 percent year-over-year in July, the same as in June, which was the lowest level in thirty-three months. Economists had expected inflation to rise slightly to 2.8 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, increased at a faster pace of 1.7 percent annually in July versus 1.3 percent growth in the prior month. However, the inflation came under the Riksbank's target of 2.0 percent.

The main contributors to the overall inflation rate were increased mortgage costs as well as rising fees for rented and tenant-owned apartments, the agency said. The higher housing costs were partly offset by lower electricity prices.

The annual price growth in food and non-alcoholic beverages remained stable at 1.1 percent, while the growth in housing and utilities accelerated to 6.3 percent from 5.6 percent. Costs for fuel dropped sharply by 11.1 percent.

Month-on-month, consumer prices edged up 0.1 percent in July, reversing a 0.1 percent fall in June.

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