Sweden reports inflation of 3.6% in November, highest in 28 years

Sweden’s inflation rose to 3.6 per cent in November, up from 3.1 per cent in October. This is the country’s highest inflation since 1993, Statistics Sweden said in a statement.

“Rising energy prices contributed to the highest inflation rate since December 1993,” said Mikael Nordin, a statistician at Statistics Sweden on Tuesday.

The 3.6 per cent inflation rate is measured according to CPIF (Consumer Price Index with fixed interest), Xinhua news agency reported.

According to Statistics Sweden, the price of package holidays, food, non-alcoholic beverages, restaurant and hotel services also increased considerably.

Meanwhile, the inflation rate was offset by falling prices on mobile telephones as well as on audio-visual and photographic equipment.

The CPIF is the target variable for the inflation target set by Sweden’s central bank, the Riksbank, whose Executive Board in its monetary policy meeting on November 24 concluded that substantial fluctuations in global demand had resulted in bottlenecks in production. This, in turn, had led to rapidly rising producer prices.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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