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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SWEDEN
Sweden September CPIF printed at an unrounded +3.95% Y/Y (vs +3.7% Y/Y cons; +4.7% prior) and +0.39% M/M (vs +0.2% cons; -0.1% prior).
- CPIF ex-energy was +6.92% Y/Y (vs +6.7% cons; +7.2% prior) and +0.51% M/M (vs +0.3% cons; -0.3% prior).
- The stronger than consensus print was also above the Riksbank forecast, who saw CPIF at +3.75% Y/Y and CPIF ex-energy at +6.57% Y/Y.
- Overall, the strong print seems to be broad based with continued pressure in the services sector, which will concern the Riksbank.
- Firmness was seen in clothing prices (+8.4% Y/Y, +4.9% M/M - as summer sales end and new lines are released) and recreation and culture (11.5% Y/Y, 0.8% M/M).
- The decline in the Y/Y number was driven by lower electricity prices as expected - electricity prices fell -45.3% Y/Y (-5.5% M/M). Lower international flight prices also contributed to the downside.
- Later today, the Riksbank will release details of their underlying measures of inflation, as well as the rates for goods and services separately, which will give a better indication of the price rises in the areas they are most focused on.
- Following the release, the SEK spiked around 3 big figures against the EUR and USD, but the EURSEK and USDSEK pairs have come off lows, currently ~-0.2% and ~-0.3% lower on the day respectively.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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