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November CPI: Further Progress In Inflation Breadth

SWEDEN

MNI's inflation breadth indicator showed further improvements in November, with the proportion of sub-components with inflation above 2% Y/Y falling to 77.7% Y/Y (vs 80.1% prior, the lowest since August 2022). While a large number of components remain above the Riksbank's target, the proportion of sub-components with rates above 6% Y/Y is now below 50% for the first time since July 2022 (44.2% in November).

  • Later today, the Riksbank will release a breakdown of the underlying inflation measures it tracks, alongside the unrounded figures for goods, services, energy and food components.
  • In addition, Statistics Sweden have noted that it will use the same methodology as in 2021 - 2023 to calculate CPI/HICP weights in 2024 (i.e. by taking consumption shifts into account when compiling the weights). The weight update will be released in the January publication (alongside the December 2023 data). See here for details.

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