Sweden Inflation October 2016


Sweden: Inflation reaches over four-year high in November

December 13, 2016

In November, consumer prices in Sweden remained flat compared to the previous month, down from October’s 0.3% increase. November’s reading matched market expectations. Higher prices for electricity and fuels drove the monthly increase, according to Statistics Sweden (SCB).

Inflation edged up from October’s 1.2% to 1.4% in November, which marked the highest value in more than four years but remained below the Central Bank’s 2.0% target. While higher inflation is good news for the economy, the Central Bank is expected to proceed with its unconventional policy measures at least until the end of Q2 2017. More guidance over the Riksbank’s moves will come after its latest meeting of the year on 20 December. Annual average inflation increased from October’s 0.7% to 0.9% in November.

Meanwhile, core inflation—defined as the CPI with mortgage rates held constant—was 1.6% in November, up from October’s 1.4%.

The Central Bank projects that inflation will average 1.4% in 2017 and sees it picking up to 2.2% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 1.5% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees average inflation at 1.9%.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation November 2016

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

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