Sweden Inflation August 2022

Sweden

Sweden: CPIF soars to over three-decade high in August

September 14, 2022

Consumer price with a fixed interest rate inflation jumped to 9.0% in August, up from July’s 8.0%. August's result represented the highest inflation rate since July 1991. Looking at the details of the release, food and non-alcoholic beverages prices rose at a quicker pace in August compared to the previous month, which wasn’t enough to offset easing price pressures for transportation.

Consequently, annual average inflation rose to 5.6% in August (July: 5.1%). Meanwhile, consumer price inflation rose to 9.8% in August, from the previous month's 8.5%.

Finally, consumer prices with a fixed interest rate rose 1.47% from the previous month in August, contrasting July's 0.16% drop. August's result marked the highest reading since March.

FocusEconomics Consensus Forecast panelists see CPIF inflation averaging 6.8% in 2022, which is up 0.7 percentage points from last month’s forecast, and 3.5% in 2023.


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Sweden Inflation August 2022

Note: Year-on-year and month-on-month variation of consumer price index with a fixed interest rate (CPIF) in %.
Source: Statistics Sweden (SCB).


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