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Pipeline Prices Bring Core Goods Disinflation Into Question

SWEDEN

Swedish PPI was unchanged M/M and -1.3% Y/Y in February. The price index for domestic supply, which provides a better indication of domestic price pressures was 0.4% M/M and -1.4% Y/Y.

  • On an annual basis, food prices moderated to 0.4% Y/Y (vs 0.7% prior), suggestive of further disinflation in food CPIF in the coming months.
  • Excluding energy, the price index for domestic supply was 0.4% (-0.5% prior), with both capital goods (3.1% Y/Y vs 2.7% prior) and consumer goods (1.1% Y/Y vs 0.9% prior) accelerating on the month.
  • This is not yet enough to suggest core goods CPIF disinflation will stall, but is something we will track over the next few months.

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Swedish PPI was unchanged M/M and -1.3% Y/Y in February. The price index for domestic supply, which provides a better indication of domestic price pressures was 0.4% M/M and -1.4% Y/Y.

  • On an annual basis, food prices moderated to 0.4% Y/Y (vs 0.7% prior), suggestive of further disinflation in food CPIF in the coming months.
  • Excluding energy, the price index for domestic supply was 0.4% (-0.5% prior), with both capital goods (3.1% Y/Y vs 2.7% prior) and consumer goods (1.1% Y/Y vs 0.9% prior) accelerating on the month.
  • This is not yet enough to suggest core goods CPIF disinflation will stall, but is something we will track over the next few months.