Sweden Inflation


Sweden: Annual decline in consumer prices quickens in December

January 13, 2015

In December, consumer prices increased 0.2% over the previous month. The reading contrasted the 0.1% decline recorded in November as well as the 0.1% drop that the markets had expected. According to Statistics Sweden (SCB), December’s print mainly resulted from higher prices for international flights, as well as for package holidays. Conversely, fuel and interest rate costs recorded lower prices than the previous month.

Consumer prices fell 0.3% in December over the same month of the previous year, which followed the 0.2% decrease tallied in November. As a result, inflation remained in negative territory and ended 2014 well below the Central Bank’s target of 2.0%. Despite the annual drop in prices, annual average variation in consumer prices remained unchanged at November’s minus 0.2% in December.

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

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 December 2014

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

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