Swedish inflation rose from 3.6 to 4.1 percent in December

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Published 14 January 2022 at 11.19

Economics. The inflation rate according to the CPIF was 4.1 per cent in December 2021. This is an increase from November when the inflation rate was 3.6 per cent, Statistics Sweden announces today.

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The monthly change from November to December was 1 .3 percentage points.

In addition to the increase in electricity prices, there were also higher food prices. In particular, vegetable prices contributed upwards, according to Statistics Sweden.

Prices of clothing and transport services increased, while fuel prices – according to Statistics Sweden's way of measuring – fell in December.

In addition, costs for owning the home rose. Among other things, it was price increases for certain white goods that increased the costs of home ownership.

Both food and clothing showed a slightly higher price increase in December 2021 than during the corresponding months in 2019 and 2020.

Electricity prices increased both in December this year and last year. However, the price increase in 2021 was significantly higher compared with the previous year. In December 2019, electricity prices fell.

Prices for transport services rose in December this year, although not as much as in the corresponding month in the last two years. In Stockholm, an important price increase for public transport has been postponed until January 4, when SL raises the prices of its tickets.

Unlike the US Federal Reserve, the Swedish Riksbank still claims that inflation is “transient”, something that online commentators have been asked whether it is really an inflation target that governs monetary policy or whether the Riksbank has in fact adopted a high-flying share and housing price target that the authority is now reluctant to abandon in favor of the more traditional inflation target.