Sweden Inflation December 2018


Sweden: CPIF inflation ticks up in December, CPI inflation unchanged

January 14, 2019

Consumer prices in Sweden rose 0.4% month-on-month in December, contrasting November’s 0.1% decline, according to data released by Statistics Sweden (SCB). December’s price rise was driven by higher prices for food and non-alcoholic beverages, transport, and recreation and culture.

The CPI with interest rates held constant (CPIF) inched up from 2.1% in November to 2.2% in December, within the Central Bank’s 1.0%–3.0% tolerance band and slightly above market expectations, while core CPIF inflation—which excludes volatile energy costs—rose from 1.4% to 1.5%. CPI inflation was stable at 2.0%. December’s figures come after lower-than-expected inflation readings in October and November, but do not notably change the panorama or the outlook for interest rates, which are seen rising slightly later this year.

FocusEconomics panelists see inflation running marginally above 2.0% in the first few quarters of this year, before dipping slightly below 2.0% in H2, partly on a less favorable base effect. Our analysts expect CPI inflation to average 2.0% in 2019 and 2.1% in 2020, and CPIF inflation to average 2.0% in 2019 and 1.9% in 2020.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation December 2018

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

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