Swedish inflation eases to 9.3%, lowest in 11 months

Stockholm, Jul. 15, (dpa-AFX/GNA) – Sweden’s consumer price inflation eased for the fourth straight month in June to the lowest level in almost a year, largely due to a slowdown in the price growth of food products and transport costs, data from Statistics Sweden showed on Friday.

The consumer price index rose 9.3% year-over-year in June, slower than the 9.7% increase in May. Economists had forecast inflation to moderate to 9.1%.

The latest inflation rate was the lowest since July 2022, when prices had risen 8.5%.Data showed that the consumer price index with a fixed interest rate increased at a slower pace of 6.4% annually in June, following a 6.7% gain in May. The expected rate was 6.1%.

The overall inflation rate was affected by higher interest expenses for both owner-occupied homes and tenant-owned apartments, which grew 88.4%, along with greater food costs, the agency said.

The annual price growth for food and non-alcoholic beverages eased to 12.5% in June from 14.2% in the previous month.

Transport costs climbed at a weaker rate of 2.0% annually in June versus 3.5% in May, as fuel prices fell sharply by 16.1%.

Month-on-month, consumer prices rose 1.1% in June, following a 0.3% gain in the prior month. Prices were expected to increase by 0.9%.

Similarly, the CPIF climbed 0.9% versus a 0.1% rise in May.

GNA