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Swedish inflation rose to 4 percent in May, from 3.4 pc in April

Swedish inflation rose to 4 percent in May, from 3.4 pc in April

Sweden's annual inflation rate rose sharply to 4 percent in May from 3.4 percent in April because of higher accommodation, fuel and food costs, the statistics agency said Tuesday.
Statistics Sweden said May inflation jumped largely on higher interest rates, and rental and electricity costs. Sweden's central bank surprised the market in February when it raised its key interest rate by a quarter of a percentage point to 4.25 percent to keep inflation in check.
May inflation was also pushed up by global trends affecting the cost of fuel and foods. Price hikes have been evident in bread, grain, meat, fruit and milk products.
Swedish consumer prices rose an average of 0.4 percent from April to May, it said.
The agency noted, however, that the rise was somewhat offset by price reductions in the recreation and culture sector and telecommunications services and equipment.


Updated : 2021-07-31 18:25 GMT+08:00