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.
Author: Oliver Reynolds, Economist