Every country has its own record high inflation rate. In some places, even a two-digit reading is considered a norm, whereas in others, 3.6% is already an all-time high. In Sweden, one of the most stable economies, consumer price growth accelerated to record high paces in November.
According to the data published by Statistics Sweden, in November, consumer prices jumped by 3.6%, showing a rise last seen 28 years ago. Inflation was mainly boosted by higher prices of electricity and fuel. The contribution from these energy products was about 1.8 percentage points, which corresponds to almost half of the inflation rate in November 2021. “Sweden's inflation rose to 3.6 per cent in November, up from 3.1 per cent in October. This is the country's highest inflation since 1993”, Statistics Sweden said in a statement.
“Rising energy prices contributed to the highest inflation rate since December 1993,” Mikael Nordin, statistician at Statistics Sweden, said commenting on the situation. In fact, most European countries are experiencing such difficulties at the moment. In the European Union, gas prices soared, thus boosting energy prices. Such a situation is exerting significant pressure on consumers and the whole economy. Notably, the surge in gas prices was caused by low gas storage levels before the heating period.
