Sweden Inflation July 2018

Sweden

Sweden: CPI and CPIF inflation both unchanged in July

August 10, 2018

Consumer prices in Sweden rose 0.5% on a month-on-month basis in July according to data released by Statistics Sweden (SCB), up from June’s 0.2%. The SCB’s data showed that July’s price rise was driven by higher prices for transport; and food and non-alcoholic beverages.

The CPI with interest rates held constant (CPIF) remained at 2.2% in July, a smidgeon above the Riksbank’s 2.0% target but firmly within the 1.0%-3.0% tolerance band. CPI inflation was also unchanged at 2.1%, while annual average inflation was stable at 1.9%.

The Central Bank expects CPIF inflation to average 2.1% in both 2018 and 2019. FocusEconomics Consensus Forecast panelists expect CPI inflation to average 1.9% in 2018 and 2.0% in 2019, propped up by a robust economy, solid wage growth and highly accommodative monetary policy. In addition, the substantial weakening of the krona since the beginning of the year, coupled with higher oil prices, will add further upward pressure to prices.


Author:, Economist

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Sweden Inflation July 2018

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


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