Swedish Inflation Eases To 9.3%, Lowest In 11 Months

(RTTNews) - 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 percent year-over-year in June, slower than the 9.7 percent increase in May. Economists had forecast inflation to moderate to 9.1 percent.

The latest inflation rate was the lowest since July 2022, when prices had risen 8.5 percent.

Data showed that the consumer price index with a fixed interest rate increased at a slower pace of 6.4 percent annually in June, following a 6.7 percent gain in May. The expected rate was 6.1 percent.

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

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

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

Month-on-month, consumer prices rose 1.1 percent in June, following a 0.3 percent gain in the prior month. Prices were expected to increase by 0.9 percent. Similarly, the CPIF climbed 0.9 percent versus a 0.1 percent rise in May.