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Sweden Inflation January 2023

Sweden: CPIF drops to lowest level in three months in January

Consumer price inflation with a fixed interest fell to 9.3% in January from December’s 10.2%. January’s figure marked the lowest inflation rate since October 2022, but was still markedly above the Riksbank’s 2.0% target. Looking at the details of the release, prices for housing, water, electricity, gas and other fuels increased at a softer rate in January and prices for transportation also rose at a slower rate. These price developments more than offset food and non-alcoholic beverages prices increasing at a stronger pace.

Still, the trend pointed up, with annual average inflation coming in at 8.2% in January (December: 7.7%). Meanwhile, consumer price inflation fell to 11.7% in January, from December’s 12.3%.

Finally, consumer prices with a fixed interest rate fell 1.30% from the previous month in January, contrasting the 1.88% rise seen in December. January’s result marked the weakest reading since January 2020.

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