Inflation higher than expected

Published 14 August 2024 at 08.07

Economy. Inflation in July was somewhat higher than expected – however, below the Riksbank's own forecast.

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The inflation rate according to the CPI was 2.6 percent in July 2024 , which it also was in June. The monthly change from June to July was 0.1 percent according to the CPI.

At the same time, the inflation rate according to the CPIF (Consumer Price Index with fixed interest) was 1.7 percent in July, which is an increase from June when it was 1.3 percent.

– Housing costs continue to be the largest contribution to the inflation rate according to the CPI, which was 2.6 percent in July, says Mikael Nordin, price statistician at Statistics Sweden.

Rising interest costs for household mortgages contributed with 1.1 percentage point to the inflation rate according to the CPI. Electricity prices fell in July and are lower compared to July last year. Prices for furniture and clothing fell more than they usually do in July.

The rate of inflation according to CPIF excluding energy fell from 2.3 percent in June to 2.2 percent in July.