Sweden Inflation


Sweden: Consumer prices move into positive territory in May

June 11, 2015

In May, inflation rose to 0.3% over the previous month. The result was above the flat reading recorded in April and slightly overshot market expectations of a 0.2% increase. According to Statistics Sweden (SCB), May’s print mainly reflects higher prices for books, package holidays and transportation services.

Consumer prices rose 0.1% in May over the same month of last year, which contrasted the 0.2% decrease tallied in April. May’s print marks a return to inflation, as prices have rebounded from the deterioration observed in April. May’s improvement will also take some pressure off the Central Bank, diminishing the possibility of future policy easing in July in response to April’s relatively sharp deterioration in prices. Despite May’s increase, annual average variation in consumer prices held at April’s minus 0.1%.

Meanwhile, annual core inflation—defined as the CPI with mortgage rates held constant—increased 1.0% in May, which was up from the 0.7% increase tallied in April.

The Central Bank expects inflation to average 0.3% in 2015 and sees it picking up to 2.1% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 0.4% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, the panel sees average inflation at 1.5%.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation May 2015 0

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

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