Sweden inflation October 2022

Consumer price inflation with the fixed rate slowed to 9.3% in October, down from 9.7% in September. Looking at the details of the release, the moderation was largely driven by weak growth in prices for housing, water, electricity, gas and other fuels. This more than offsets food and non-alcoholic beverage prices, and transportation prices that are growing at a faster pace.

However, the trend is pointing upward. Average annual inflation rose to 6.7% in October (September: 6.2%). Meanwhile, consumer price inflation rose to 10.9% in October from 10.8% in September.

Finally, consumer prices fell at a constant rate of 0.12% MoM in October, swinging back from the 1.14% increase recorded in September. The October result was the largest drop in prices since July.

FocusEconomics Consensus forecast committee members see CPIF inflation averaging 4.8% in 2023, up 0.3 percentage points from last month’s forecast, and 1.8% in 2024.

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