Sweden Inflation Eases To 1.6%, Lowest In 38 Months

(RTTNews) - Sweden's consumer price inflation slowed in September to the lowest level in more than three years, largely driven by cheaper fuel prices, data from Statistics Sweden showed on Tuesday.

The consumer price index, or CPI, climbed 1.6 percent year-over-year in September, slower than the 1.9 percent rise in August. That was in line with expectations.

Further, this was the weakest inflation since July 2021, when prices had risen 1.4 percent.

Data showed that the consumer price index with a fixed interest rate, or CPIF, increased at a slightly moderate pace of 1.1 percent annually in September versus 1.2 percent growth in the prior month. Moreover, the inflation remained below the Riksbank's target of 2.0 percent.

Costs for fuels plunged 27.3 percent from last year, and the deflation in transportation deepened to 3.91 percent from 1.63 percent.

The annual price growth in housing and utilities eased to 4.39 percent from 4.46 percent. Clothing and footwear prices also grew at a slower pace of 1.5 percent versus 3.2 percent in August. Meanwhile, food and non-alcoholic prices rose at an accelerated pace of 2.1 percent.

Month-on-month, consumer prices moved up 0.2 percent in September, reversing a 0.6 percent fall in August.