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SWEDEN: July Input Price Data Supportive Of Optimistic Tone In Minutes

SWEDEN
CEEMEABulletSwedenGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Swedish July input price data appears supportive of the sentiment from yesterday’s August meeting minutes, where Executive Board members cited diminishing upside risks to future inflation. 

  • The price index for domestic supply, which combines domestic producer prices and import prices (thus provides a better gauge of pipeline pressures than the headline PPI metric) was -0.5% Y/Y (vs 1.0% prior) and -1.5% M/M.  Domestic electricity prices fell 0.7% M/M in July, pulling the headline rate lower.
  • The strengthening of the SEK through July also aided input price disinflation/deflation.
  • Domestic supply prices excluding energy were 1.9% 3m/3m (vs 2.7% prior) after accelerating in the 4 months prior, while consumer goods excluding food eased to 1.5% (vs 2.4% prior). 
  • Food input prices were 2.1% 3m/3m (vs 2.8% prior)
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Swedish July input price data appears supportive of the sentiment from yesterday’s August meeting minutes, where Executive Board members cited diminishing upside risks to future inflation. 

  • The price index for domestic supply, which combines domestic producer prices and import prices (thus provides a better gauge of pipeline pressures than the headline PPI metric) was -0.5% Y/Y (vs 1.0% prior) and -1.5% M/M.  Domestic electricity prices fell 0.7% M/M in July, pulling the headline rate lower.
  • The strengthening of the SEK through July also aided input price disinflation/deflation.
  • Domestic supply prices excluding energy were 1.9% 3m/3m (vs 2.7% prior) after accelerating in the 4 months prior, while consumer goods excluding food eased to 1.5% (vs 2.4% prior). 
  • Food input prices were 2.1% 3m/3m (vs 2.8% prior)