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Sweden Inflation July 2023

Sweden: CPIF steady in July

Consumer price inflation with a fixed interest (CPIF) held steady at June’s 6.4% in July. July’s figure—together with June’s—represented the weakest inflation rate since March 2022, although it still was over three times higher than the Riksbank’s 2.0% target. Looking at the details of the release, the outturn was driven by moderating price pressures for housing, water, electricity, gas and other fuels and easing price pressures for food and non-alcoholic beverages. These developments were offset by stronger price growth in transport.

Meanwhile, the trend pointed down slightly, with annual average inflation coming in at 8.4% in July (June: 8.6%). Similarly, consumer price inflation was also steady in July, coming in at June’s 9.3%.

Finally, consumer prices with a fixed interest rate fell 0.17% over the previous month in July, swinging from June’s 0.95% increase. July’s result marked the weakest reading since January.

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