Swedish Inflation Confirmed At 0.3%

(RTTNews) - Sweden's consumer price inflation eased to the lowest level in nearly four-and-a-half years as initially estimated in April, the latest data from Statistics Sweden showed on Wednesday.

The consumer price index, or CPI, rose 0.3 percent year-over-year in April, slower than the 0.5 percent increase in March. That was in line with the flash data published on May 7.

Further, this was the lowest inflation rate since November 2020, when prices had risen 0.2 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, increased at a stable pace of 2.3 percent annually in April, as estimated. Moreover, the inflation is above the Riksbank's target of 2.0 percent.

"Lower prices on electricity and fuels along with lower interest expenses contributed to a lower inflation rate according to CPI in April," Frida Stark, statistician at Statistics Sweden, said.

The overall inflation rate was driven by food and non-alcoholic beverages, which was offset by less housing costs.

Month-on-month, consumer prices edged up 0.1 percent in April, reversing a 0.7 percent fall in the prior month.