Sweden: Inflation increases in April
Consumer price inflation with a fixed interest rate (CPIF) came in at 2.3% in April, up from March’s 2.2%. Looking at the details of the release, food and non-alcoholic beverages prices rose in April after dropping in the previous month. Conversely, price pressures for transportation eased.
Still, the trend pointed down, with annual average inflation falling to 4.0% in April (March: 4.4%). Meanwhile, consumer price inflation cooled to 3.9% in April from the previous month’s 4.1%.
Lastly, consumer prices with a fixed interest rate increased 0.26% over the previous month in April, picking up from the 0.09% increase logged in March. April’s figure marked the highest reading since December 2023.
Meanwhile, core inflation was unchanged at March’s 2.9% in April. The print undershot both market and the Riksbank’s expectations.
Our Consensus is for CPIF to average around the Riksbank’s 2.0% target this year, slowing to roughly a third of 2023’s average.