Consumer price inflation in Sweden slowed more than anticipated in February, after a significant increase in the previous month, according to data provided by Statistics Sweden.
Year-over-year in February, the Consumer Price Index (CPI), climbed by 4.5%, a decrease from January's 5.4% hike. Economists had projected a cooldown in inflation to 4.7%.
The report also disclosed a slower rise in the Consumer Price Index with a fixed interest rate (CPIF). It saw an annual increase of 2.5% in February as opposed to the 3.3% growth in the previous month, falling short of the anticipated 2.8% rate. Regardless, the inflation remained markedly above the Riksbank's target of 2.0%.
Prices of food and non-alcoholic beverages grew at an annual rate of 1.17%, a decline from the 3.8% increase observed in the prior period. On the other hand, utility costs increased at a slower rate of 9.42% compared to January's 10.05% jump, driven by a 12.7% decrease in electricity charges. Notably, transport charges experienced amplified growth, recording a rise of 1.48%.
On a month-by-month basis, February witnessed a 0.2% hike in consumer prices, overruling January's 0.1% decrease. This marks a shift from the projected 0.3% rebound. Meanwhile, core consumer prices also expanded by 0.2% in February.
