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October CPI Preview – Another Sticky Services Print Could Sway Riksbank To Hike

SWEDEN

Tues Nov 14 sees the release of the October CPI print – the final inflation release before the Riksbank’s last monetary policy meeting of the year on November 23.

  • September CPI was higher-than-expected by both consensus and the Riksbank. After missing September to the downside, sell-side analysts upwardly marked-to-market their October forecasts - suggesting that the Riksbank's forecast of September is stale.
  • Analysts note that energy price base effects will push the headline rate up, while core components should continue to moderate
  • Expect the SEK to be sensitive to the release given the Riksbank’s data-dependent stance and the close-call nature of next week’s meeting.
  • For more, please see our preview including a summary of sell-side views at the following link:

MNI Sweden October CPI Preview 2023-11-13.pdf

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