Inflation rate doubles in February

The inflation rate doubled in February to 1.2 percent on January's figure and the consumer price index climbed by 0.6 percent over the period, a new report from Statistics Sweden (SCB) shows.

According to an SCB statement, the main contributing factor behind the rise in February inflation was that interest costs did not contribute downward pressure as much as earlier. Rates remain lower than a year ago however and, adjusted for the direct effect of interest rate cuts, the February rate of inflation was 2.7 percent.

The Swedish consumer price index (CPI) increased by 0.6 percent from January to February. The CPI for February 2010 was 301.59 (1980=100).

Electricity price rises of 5 percent contributed 0.2 percentage points of the rise, while clothing (1.9 percent), furnishings and household goods (1.1 percent), transport (0.5 percent), and recreation and culture (0.6 percent), each pushed the index up 0.1 points.

The inflation rates according to CPIF and CPIX were 2.7 percent and 2.6 percent, respectively with both rates climbing 0.6 percent from January to February. The Harmonised Index of Consumer Prices (HICP) also increased by 0.6 percent from January 2010 to February of 2010 and has increased 2.8 percent since February of 2009.

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