Inflation in Sweden continued to rise and reached 9.5 percent in November, SVT TV channel reported. Information released by the statistics office shows. The reason for the inflation surge is attributed to the rise in the cost of electricity.
Inflation in Sweden rose to 9.5 percent in November according to the KPIF (fixed-rate consumer price index). The latest figures from Statistics Sweden showed this. The country’s inflation rate was 9.3% in October. The main reason for such a high figure is due to higher electricity prices, SVT reports.
The change from October to November was +0.7%. The KPIF index shows the price movements of all products and services consumed by households, but excludes the impact of interest rate changes on household mortgages. The year-on-year inflation rate declined in October, which is attributed to a fall in energy prices of almost 24% since September, as the month was warm and windy. Inflation was then predicted to pick up in winter, which has happened, SVT writes.
“Rising electricity prices contributed to a higher inflation rate in November,” Carl Mortensson, a price statistician from Statistics Sweden, said in a press release.
As noted, electricity prices rose by 16.8 percent from October to November.
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