Sweden Inflation April 2016


Sweden: Inflation stable in April

May 12, 2016

In April, consumer prices were unchanged over the previous month. The result followed a 0.5% increase recorded in March and was slightly below market expectations of a 0.1% rise. According to Statistics Sweden (SCB), increased prices for fuels and books were offset by lower prices for international flights and packaged holidays.

Inflation in April was unchanged from the 0.8% recorded in March. Inflation has been consistently above zero for the past eight months. The Central Bank has utilized unconventional policy measures, including negative policy rates and a government bond-buying program since the beginning of 2015, in order to bring inflation closer to its 2.0% target. Although inflation is still well below target, it appears to be following an upward trend. Annual average growth in consumer prices was 0.2% in April, up from 0.1% in March.

Meanwhile, core inflation—defined as the CPI with mortgage rates held constant—was 1.4% in April, which was down from the 1.5% recorded in March.

The Central Bank expects inflation to average 1.3% in 2016 and sees it picking up to 2.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 0.9% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees average inflation at 1.8%.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation April 2016

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

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