Sweden Inflation


Sweden: Consumer prices return to positive territory

March 11, 2015

In February, consumer prices increased 0.7% over the previous month. The reading was the highest in over four years and contrasted the 1.1% decrease recorded in January. The result was just above market expectations of a 0.6% increase. According to Statistics Sweden (SCB), February’s print mainly resulted from higher prices for fuel and clothing.

Consumer prices rose 0.1% in February over the same month of last year, which contrasted the 0.2% decrease tallied in January. February’s print marked the first price increase after six consecutive annual declines, allaying some of the concern that the economy was stuck in a deflationary spiral. Despite the annual increase in prices, annual average variation in consumer prices in remained at minus 0.2% for the fourth month in a row.

Meanwhile, annual core inflation—defined as the CPI with mortgage rates held constant—increased from 0.6% in January to 0.9% in February.

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 0.3% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel sees average inflation at 1.4%.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation February 2015

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

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