Sweden: Consumer prices flat in July
August 12, 2014
In July, consumer prices decreased 0.3% over the previous month, which contrasted the 0.2% increase recorded in June and marked the lowest result since January. According to Statistics Sweden (SCB), the reading was driven mainly by a large drop in prices for clothing and footwear.
Consumer prices were flat over the same month last year in July, which was below the 0.2% increase registered in June. Inflation remains well below the Central Bank’s target of 2.0%. Annual average variation in consumer prices held steady at June’s minus 0.1% in July.
Meanwhile, annual core inflation, defined as the CPI with mortgage rates held constant, inched down from 0.8% in June to 0.6% in July.
Author: Carl Kelly, Economist