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Investing.com -- Sweden’s CPIF inflation rate increased to 3.0% in July from 2.8% in June, reaching its highest level since the start of 2024, according to data released Thursday.
The inflation figure matched consensus forecasts of 3.0%, while the CPIF measure excluding energy declined slightly from 3.3% to 3.1% during the same period.
CPIF inflation, which excludes the impact of interest rate changes on price levels, serves as the Riksbank’s target measure for monetary policy decisions.
The elevated inflation reading is likely to encourage Riksbank officials to maintain the current policy rate at their upcoming meeting later this month.
Capital Economics analysts expect the central bank to keep its policy rate at 2% for the foreseeable future.
Firms in Sweden continue to report ongoing price pressures, suggesting that CPIF inflation excluding energy may remain close to 3% for much of the next twelve months.
This persistent inflation, combined with expectations of accelerated economic growth later this year, supports the case for maintaining current interest rates.
A complete breakdown of the inflation data will be available next week, which may provide more insight into whether the slight decline in the core measure was influenced by an easing in services inflation, particularly in travel-related services that showed unusually high readings in June.
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