Swedish inflation – June Flash CPI

Danske Research Team Danske Bank A/S

June inflation surprised to the upside. CPIF rose by 1.32% year on year, driven by stronger underlying inflation, which came in at 0.37% year on year (see table to the right). According to the preliminary details, recreation appears to have been the main source of the upside surprise, remaining elevated rather than reversing after the high print in May. Goods prices were softer than expected, with both clothing and furniture prices weak, although still within the normal range for typical June seasonal sales. Energy prices declined in line with our expectations, reflecting lower oil prices. Tax effects remain sizeable, reducing inflation by around 1 percentage point, suggesting that CPIF-CT should be close to 2.4% year on year. The full details will be released Wednesday 15 June.

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Danske Research Team

Danske Bank A/S

Research is part of Danske Bank Markets and operate as Danske Bank's research department. The department monitors financial markets and economic trends of relevance to Danske Bank Markets and its clients.

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