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Sweden Inflation October 2018

Sweden: CPIF inflation and core CPIF inflation dip in October

Consumer prices in Sweden declined 0.1% month-on-month in October, contrasting September’s 0.5% mom increase, according to data released by Statistics Sweden (SCB). October’s price fall was driven by lower prices for food and non-alcoholic beverages; communication; and recreation and culture.

The CPI with interest rates held constant (CPIF) inched down from 2.5% in September to 2.4% in October, within the Central Bank’s 1.0%–3.0% tolerance band but undershooting market expectations, while core CPIF inflation—which excludes volatile energy costs—dipped from 1.6% in September to 1.5% in October. CPI inflation was unchanged at 2.3% in October.

According to Jonas Goltermann, Developed Markets Economist at ING: “The key near-term question for the Riksbank is whether to hike interest rates in December or February. Today’s [inflation] figure shifts the likelihood towards February, as it suggests the Riksbank’s inflation forecast may need to be revised down yet again.”

Sweden Inflation Forecast

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