Swedish inflation rises to 1.1 percent in July

Inflation climbed slightly to 1.1 percent in Sweden in July, up from 0.9 percent in June, new figures showed on Thursday.

From June to July, consumer prices dropped 0.3 percent, Statistics Sweden said in a statement.

The agency added that adjusted for the direct effect of the low interest rates, annual inflation in July stood at 1.7 percent. Sweden left its benchmark rate at a historic low level of 0.25 percent for a year before raising it to 0.5 percent on July 1st.

Statistics Sweden said that the biggest price falls were for clothing, which experienced a normal seasonal drop of 6.6 percent, and petrol, which fell 2.6 percent.

According to the European Union’s Harmonised Index of Consumer Prices (HICP), inflation in Sweden stood at 1.4 percent in July on a 12-month basis, compared to 1.6 percent in June.

From June to July, Sweden’s HICP-calculated inflation fell by 0.4 percent.

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