Sweden: Annual decline in consumer prices moderates in October
November 11, 2014
In October, consumer prices increased 0.1% over the previous month, which was below the 0.2% increase recorded in September. According to Statistics Sweden (SCB), October’s print was mainly the result of higher prices for food and non-alcoholic beverages, as well as for transport services. Conversely, electricity and fuels recorded lower prices than the previous month.
Consumer prices fell 0.1% in October over the same month last year, which was above the 0.4% decrease tallied in September, marking the highest reading in three months. Nevertheless, inflation continued to hover in negative territory and remains well below the Central Bank’s target of 2.0%. Annual average variation in consumer prices held steady at minus 0.1% for the thirteenth consecutive month.
Meanwhile, annual core inflation—defined as the CPI with mortgage rates held constant—ticked up from 0.3% in September to 0.6% in October.
Author: Cecilia Simkievich, Economist