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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
The Swedish final September inflation reading confirmed flash estimates, with CPIF ex-energy at 2.01% Y/Y (above the Riksbank’s September MPR projection of 1.85%) and 0.35% M/M. Trends in inflation momentum and inflation breadth underscore the Riksbank’s view that upside inflation risks have diminished, and underlying inflation is broadly consistent with the 2% target.
- MNI’s calculations indicate that CPIF ex-energy inflation rose 0.24% M/M on a seasonally adjusted basis. While this led to an uptick in 1/3/6-month annualised SA inflation, overall inflation momentum on a 3m/3m SA annualised basis was steady at 2.3%
- Meanwhile, the share of sub-components with an inflation rate below 4% rose to 68% (vs 65% prior), its highest since December 2021. The share of components with rates below 2% ticked up to 47% (vs 48% prior).
- Statistics Sweden notes that food prices rose more than usual in September. This appears to be a key driver of the upside surprise vs Riksbank, with food and non-alcoholic beverages inflation at 0.6% M/M (vs -0.4% prior). Food prices contributed 0.05pp to monthly headline CPI.
- Clothing and footwear prices rose 3.0% M/M (vs 4.6% prior), contributing 0.12pp.
- Most major services categories disinflated on an annual basis. On a monthly basis: recreation and culture prices rose 1.1% M/M, contributing 0.14pp to monthly CPI, but this followed -2.0% M/M prior. Transport prices fell 2.2% M/M, pulling CPI down by 0.27pp.
- Electricity prices rose 2.0% M/M, adding 0.06pp, with fuel prices also 1.8% M/M higher in September.
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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