Sweden Inflation Confirmed At 1.3%

(RTTNews) - Sweden's consumer price inflation rose for the second straight month as initially estimated in February, the latest data from Statistics Sweden showed on Thursday.

The consumer price index, or CPI, rose 1.3 percent year-over-year in February, following a 0.9 percent increase in January. That was in line with the flash data published on March 6.

Data showed that the consumer price index with a fixed interest rate, or CPIF, also increased at a faster pace of 2.9 percent annually in February versus 2.2 percent growth in the prior month, as estimated. Moreover, the inflation was well above the Riksbank's target of 2.0 percent.

"Higher electricity prices, risen fees for rental apartments, and increased prices for food and non-alcoholic beverages were among the main contributors to the inflation rate in February," Caroline Neander, statistician at Statistics Sweden, said.

The annual price growth in food and non-alcoholic beverages accelerated to 3.9 percent from 2.2 percent. Electricity prices were 8.9 percent more expensive, and clothing prices climbed by 3.8 percent.

Month-on-month, consumer prices moved up 0.6 percent in February after remaining flat in the prior month. In the initial estimate, the increase was 0.5 percent.