Sweden Inflation Confirmed At 0.8%

Sweden's consumer price inflation increased as initially estimated in July to the highest level in five months, the latest data from Statistics Sweden showed on Thursday.

The consumer price index, or CPI, rose 0.8 percent year-over-year in July, following a 0.7 percent increase in June. That was in line with the flash data published on August 7.

A 5.1 percent spike in prices for food and non-alcoholic beverages contributed to the increase in the inflation. Electricity prices were 8.6 percent more expensive compared to last year, while gasoline prices plunged by 15.1 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a faster pace of 3.0 percent annually in July versus 2.8 percent in June. Moreover, the inflation has continued to remain above the Riksbank's target of 2.0 percent.

Month-on-month, consumer prices edged up 0.2 percent versus a 0.5 percent increase in June.

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