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Housing, clothes push up Swedish inflation

Housing, clothes push up Swedish inflation

Published: 12 Apr 2011 14:09 GMT+02:00
Updated: 12 Apr 2011 14:09 GMT+02:00

On a 12-month bases inflation rose to 2.9 percent in March, up from 2.5 percent a month earlier, Statistics Sweden (SCB) said in a statement.

Consumer prices increased by 0.7 percent from February to March, the SCB statistics showed.

The agency said the increase was driven by price hikes for clothing and footwear and housing, while a 3.5-percent hike in fuel prices also helped push up inflation.

At the same time a 12.5-percent fall in the cost of international flights and lower costs for recreation and culture pulled the overall inflation back down a few notches.

According to the European Union's Harmonised Index of Consumer Prices (HIPC), inflation in Sweden increased by 1.4 percent from March a year ago, compared to a 1.2-percent hike year-on-year in February, but still well below the 2.6 percent in the neighbouring eurozone.

The central bank has raised its key interest rate five times since last July to reach 1.5 percent in a bid to stabilise inflation close to its target of 2.0 percent.

In a forecast in February, the Swedish central bank said it expected inflation, which hit 1.3 percent in 2010, to rise to 2.5 percent this year before easing back to 2.1 percent in 2012.

At a time when many European countries find themselves in crisis, Sweden, which was hard-hit by the global financial downturn, has recently seen its economy boom.

In the fourth quarter last year, the Scandinavian country posted record growth of 7.3 percent, and last month the government raised its growth forecast for this year to 4.8 percent from a previous estimate of 3.7 percent.

AFP/The Local (news@thelocal.se)

Your comments about this article

16:35 April 12, 2011 by star10
The Swedish sexy economy (as its girls) has been shaking its asses like a drunk horn. Now it is time to cool down and stop the boom. The central bank will be forced to raise interest rate the growth will have to slow.
17:38 April 12, 2011 by Nemesis
Anyone who shops in ICA or COOP will see that inflation over the last year has been over 5%. House prices have risen over 5% and clothing prices have also risen above 5%.

As for growth in the economy. If growth is coming up on 5%, then where is the non-praktik jobs being created. They sure are not in Skåne.

I shop regularly in Germany and for clothes in France. Inflation is higher in Sweden than it is in Germany or France.
18:58 April 12, 2011 by Swedesmith
Attractive female types could save money by wearing less clothes. I'd be in favor.
21:24 April 12, 2011 by slut
It's good. I don't care. Let the inflation sky rocket. I am single. Not much effect for me.
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