According to our analysis EURSEK moved 154 pips on Sweden Consumer Price Index (CPI) data on 13 October 2023.

EURSEK (154 pips)

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Summary of CPI Report - September 2023

In September 2023, Sweden experienced a notable shift in its Consumer Price Index (CPI) and Consumer Price Index with a fixed interest rate (CPIF) data. Here are the key takeaways from the report:

1. Inflation Rate Drop: The inflation rate, as per CPI, stood at 6.5 percent in September, a noticeable decline from the 7.5 percent recorded in August. This decrease reflects a potentially more stable pricing environment.

2. Monthly Increase: On a month-to-month basis, the CPI rose by 0.5 percent, with rising prices in various categories contributing to this upturn.

3. CPIF Figure: The CPIF, which eliminates the direct effects of monetary policy changes, posted a 12-month inflation rate of 4.0 percent in September, indicating a more stable rate compared to CPI.

4. Electricity Price Impact: One of the significant factors influencing inflation was a substantial 45.3 percent decrease in electricity prices compared to the previous year, negatively affecting the inflation rate.

5. Price Shifts: Several sectors experienced notable price changes. Notably, clothing prices increased by 4.9 percent, aligning with seasonal trends. Additionally, interest expenses for household mortgages, furniture, fuel, and recreation and culture contributed to the overall rise in prices.

6. Annual Variations: The report emphasized that annual changes played a crucial role in Sweden's inflation. Higher interest expenses on household mortgages, increased prices in various consumer goods and services, and positive contributions from the food and non-alcoholic beverages sector all played a role.

7. Measures of Inflation: The report highlighted various measures of inflation, including the CPIF, which aligns with the Riksbank's inflation target, and the Harmonized Index of Consumer Prices (HICP), used within the EU for international comparisons.

This CPI report for September 2023 provides a snapshot of Sweden's evolving inflation landscape. The reduction in the inflation rate indicates potential stability, offering insights for both consumers and policymakers to navigate the economic climate.

Source: https://www.scb.se/en/finding-statistics/statistics-by-subject-area/prices-and-consumption/consumer-price-index/consumer-price-index-cpi/pong/statistical-news/consumer-price-index-cpi-september-2023/

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