STOCKHOLM, Feb. 19 (Xinhua) -- Sweden's inflation rate climbed to 5.4 percent in January year on year after slowing down to 4.4 percent in December, Statistics Sweden (SCB) said on Monday.
Inflation has impacted a wide range of goods and services, including food, furnishings, household goods, and recreation and culture, according to a press release from the SCB.
Housing costs increased in January and will continue to be the largest contributor to the inflation rate, said Mikael Nordin, a statistician at SCB, in the press release.
Interest costs for owner-occupied apartments were up 47.9 percent year-on-year while interest costs for those living in houses surged by 41.7 percent, SCB said.
Meanwhile, the yearly electricity price dropped by 11 percent while fuels were 16.3 percent cheaper.
In the wake of rising inflation, the Swedish central bank, the Riksbank, has incrementally increased the benchmark interest rate (policy rate) from 0 percent in May 2022 to the current 4 percent. ■