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CPIF Hits 1991 High

MNI (London)

MNI: SWEDEN APR CPI +6.4% Y/Y, +0.6% M/M; MAR +6.0% Y/Y

SWEDEN APR CPIF +6.4% Y/Y; MAR +6.1% Y/Y

  • CPIF accelerated by 0.3pp in April to a 1009 high of +6.4% y/y, beating the consensus forecast of a 0.1pp uptick. On the month, prices accelerated by 0.6% m/m, a slowdown from +1.7% m/m recorded in March.
  • Food prices saw further upwards pressure (+1.3% m/m), whilst energy prices decreased in April from March (-3.9% m/m, albeit remaining elevated in year-on-year readings). Widespread price increases were seen across the board.
  • Core CPIF (ex energy) saw a substantial 0.4pp uptick to 4.5% y/y.
  • This data increases the probability of a 50bp hike by the Riksbank at the June 29 meeting (see previous bullet).

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