14.12.202307:26:00UTC+00Sweden Inflation Eases To 5.8% Lowest In 21 Months

Sweden's consumer price inflation moderated in November to the lowest level in more than one-and-a-half years, data from Statistics Sweden showed on Thursday.

The consumer price index, or CPI, rose 5.8 percent year-over-year in November, slower than October's stable increase of 6.5 percent. Economists had expected inflation to ease to 6.0 percent.

Further, this was the slowest rate of inflation since February 2022, when prices had risen 4.3 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a weaker pace of 3.6 percent annually in November versus 4.2 percent growth in the prior month. The expected rate was 3.9 percent.

The overall inflation in November mostly came from interest rates for households' mortgages and electricity charges, the agency said.

Food prices alone grew 6.5 percent annually in November, while electricity costs fell sharply by 22.5 percent. Fuel prices also showed a marked decline of 6.8 percent.

Month-on-month, consumer prices moved up 0.3 percent after rising 0.2 percent in October. Prices were expected to increase by 0.6 percent. CPIF edged up 0.1 percent.