Sweden's inflation continues to rise after breaking 30-year record-Xinhua

Sweden's inflation continues to rise after breaking 30-year record

Source: Xinhua| 2022-05-12 18:31:44|Editor: huaxia

STOCKHOLM, May 12 (Xinhua) -- Sweden's inflation has continued to rise in April after breaking its 30-year record a month ago, Statistics Sweden said on Thursday.

The figure is 6.4 percent in April, up from 6.1 percent in March, when it surpassed the previous record set in December, 1991.

"(There have been) continued widespread price increases in April, including (for) food, household equipment, restaurant visits and hotels," Mikael Nordin, a statistician at Statistics Sweden, said in a press release.

The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 6.4 percent in April 2022, up from 6.1 percent in March, said the Swedish government agency.

Higher energy prices is a leading factor for rising inflation. Additionally, prices for food and non-alcoholic beverages continued to increase in April, with dairy products registering the highest price rise, the agency said.

Analysts believed that the inflation will continue to grow rapidly at a rate that exceeds market expectations for a long time, which would prompt the central bank to speed up interest rate hikes and consequently push mortgage rates even higher.

The Riksbank, Sweden's central bank, on April 28 raised its key interest rate from zero to 0.25 percent effective May 4, and expected to raise the rate further to around 2 percent this year to counter soaring inflation.