Sweden Inflation Highest Since February 1991

(RTTNews) - Sweden's consumer price inflation accelerated as expected in November to the highest level in nearly thirty-two years, largely impacted by the higher costs for food, non-alcoholic beverages, and utilities, especially electricity, figures from Statistics Sweden showed on Wednesday.

Consumer prices climbed 11.5 percent year-over-year in November, faster than the 10.9 percent increase in October. That was in line with economists' forecast.

The latest inflation was the highest since February 1991, when prices had grown 13.1 percent.

Prices for food and non-alcoholic beverages alone grew by 18.1 percent from the previous year, and transportation costs also saw a double-digit increase of 10.3 percent due to rising fuel prices.

Housing costs also rose sharply by 9.8 percent, led by a 36.8 percent jump in electricity prices.

On a monthly basis, consumer prices moved up 1.0 percent in November versus 0.2 percent in October. Prices were forecast to rise by 0.7 percent.

Inflation, based on the CPI with fixed interest rate or CPIF, also rose to 9.5 percent in November from 9.3 percent in the preceding month, as expected.

In the meantime, the Riksbank aims to keep inflation around 2 percent in terms of the CPIF.

Compared to the previous month, the CPIF increased 0.7 percent in November, matching expectations.