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INFLATION

Inflation at record level

Consumer prices increased by 0.2 percent from November to December, according to Statistics Sweden.

Published: 14 January 2008 12:38 CET

The rate of inflation was 3.5 percent, compared to 3.3 percent in November.

The December figure represents the highest level of inflation in Sweden in the past 14 years.

Prices have not increased so sharply since January 1993, when inflation reached 4.8 percent.

One reason for the rise is price hikes for cheese, milk and eggs, which collectively increased by 4.3 percent.

Another factor was the elevated costs of home loans, electricity and heating fuel. These changes were in part balanced by reduced costs for clothing, down by 1.6 percent.

TT/David Bartal

ECONOMY

Spain’s inflation soars to 29-year high

Spanish inflation accelerated in November to its highest level in nearly three decades on the back of rising food and gas prices, official data showed Monday.

Published: 29 November 2021 13:10 CET
black friday spain
Black Friday sales can't disguise the fact for shoppers that life in Spain is getting increasingly expensive. Photo: GABRIEL BOUYS / AFP

Consumer prices jumped by 5.6 percent, up from a 5.4 percent increase in October, according to preliminary figures from national statistics institute.

That is its fastest pace since September 1992, when the rate was 5.8 percent.

The surge in inflation in the eurozone’s fourth-largest economy was due largely to a spike in food prices, followed by higher gas prices, the statistics office said.

Electricity costs, however, declined slightly after a month-long acceleration, it added.

As in other European Union nations, inflation in Spain has risen since the start of the year after consumer prices declined during most of 2020 due to the economic impact of pandemic lockdowns.

In October, eurozone inflation reached 4.1 percent, well above the European Central Bank’s target of two percent and equal to a high set in July 2008.

But the bank believes eurozone inflation will peak in November and is set to gradually slow next year as supply bottlenecks and the energy crunch ease, board member Isabel Schnabel said earlier this month.

Investors worry central banks will withdraw their stimulus measures sooner than expected to tame inflation.

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