Sweden Inflation


Annual consumer prices decline for sixth consecutive month in January

In January, consumer prices decreased 1.1% over the previous month. The reading was the lowest in a year and contrasted the 0.2% increase recorded in December, but was line with market expectations. According to Statistics Sweden (SCB), January’s print mainly resulted from lower prices for clothing and footwear amid seasonal sales. Prices for transportation services were also down in January compared to the previous month.

Consumer prices fell 0.2% in January over the same month of last year, which followed the 0.3% decrease tallied in December. January’s print marked the sixth consecutive annual price decline. Despite the annual drop in prices, annual average variation in consumer prices in January remained unchanged at December’s minus 0.2%.

Meanwhile, annual core inflation—defined as the CPI with mortgage rates held constant—inched up from 0.5% in December to 0.6% in January.

The Central Bank expects inflation to average 0.3% in 2015 and sees it picking up to 2.0% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 1.0% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees average inflation at 1.9%.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation January 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Sweden (SCB).

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