Sweden: Consumer prices swing to 20-month high in June
July 10, 2014
In June, consumer prices increased 0.2% over the previous month, which was up from the 0.1% increase recorded in May. According to Statistics Sweden (SCB), an increase in prices for transportation, package holidays and fuel offset lower prices for clothing and electricity.
Consumer prices increased 0.2% over the same month last year in June, which contrasted the 0.2% decrease registered in May and marked the highest reading since October 2012. However, inflation remains well below the Central Bank’s target of 2.0%. Annual average variation in consumer prices held steady at May’s minus 0.1% in June.
Meanwhile, annual core inflation, defined as the CPI with mortgage rates held constant, picked up from 0.4% in May to 0.8% in June.
Author: Carl Kelly, Economist