Sweden Inflation November 2017

Sweden

Sweden: Inflation picks back up in November

December 12, 2017

Consumer prices in Sweden rose 0.2% in November on a month-on-month basis, contrasting October’s 0.1% decline and slightly overshooting analysts’ expectations. Data released by Statistics Sweden (SCB) showed that the fall was driven by higher prices for clothing and footwear, health, and housing and energy.

Inflation came in at 1.9% in November, up from 1.7% in October and beating market forecasts. As a result, inflation moved closer to the Riksbank’s 2.0% target, and remained firmly within the Bank’s 1.0%-3.0% variation band. Meanwhile, annual average inflation came in at 1.8%, matching October’s figure. Core inflation (CPIF), which is defined as the CPI with mortgage rates held constant, was 2.0% in November, up from 1.8% in October.

In its October Monetary Policy Report, the Central Bank downgraded its inflation outlook and now expects CPIF inflation to average 1.8% in 2018 and 2.1% in 2019. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in 2018 and 2.1% in 2019, aided by highly accommodative monetary policy and a robust economy. However, the expected appreciation of the krona over the next few years will keep a lid on price increases.


Author:, Economist

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Sweden Inflation November 2017

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


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