Sweden’s consumer price inflation increased more than initially estimated in January to the highest level in three months, the latest data from Statistics Sweden showed on Friday.
The consumer price index, or CPI, climbed 0.5 percent year-over-year in January, faster than the 0.3 percent rise in December. In the flash report, the rate of increase was 0.4 percent.
“Increased electricity prices and higher fees for rental apartments were among the largest contributions to the inflation rate according to the CPI in January,” Mikael Nordin, statistician at Statistics Sweden, said.
Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a slower pace of 2.0 percent annually in January versus 2.1 percent growth in the prior month. Moreover, inflation came in line with Riksbank’s 2.0 percent target.
The annual price growth in food and non-alcoholic beverages moderated to 3.2 percent in January from 3.7 percent a month ago. Clothing and footwear prices rebounded 0.4 percent versus a 0.5 percent fall a month ago. Meanwhile, the deflation in transportation slowed to 1.7 percent from 2.1 percent.
Month-on-month, consumer prices edged up 0.1 percent in January after remaining flat in December.
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