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INFLATION

Inflation rate doubles in February

The inflation rate doubled in February to 1.2 percent on January's figure and the consumer price index climbed by 0.6 percent over the period, a new report from Statistics Sweden (SCB) shows.

Published: 11 March 2010 09:44 CET

According to an SCB statement, the main contributing factor behind the rise in February inflation was that interest costs did not contribute downward pressure as much as earlier. Rates remain lower than a year ago however and, adjusted for the direct effect of interest rate cuts, the February rate of inflation was 2.7 percent.

The Swedish consumer price index (CPI) increased by 0.6 percent from January to February. The CPI for February 2010 was 301.59 (1980=100).

Electricity price rises of 5 percent contributed 0.2 percentage points of the rise, while clothing (1.9 percent), furnishings and household goods (1.1 percent), transport (0.5 percent), and recreation and culture (0.6 percent), each pushed the index up 0.1 points.

The inflation rates according to CPIF and CPIX were 2.7 percent and 2.6 percent, respectively with both rates climbing 0.6 percent from January to February. The Harmonised Index of Consumer Prices (HICP) also increased by 0.6 percent from January 2010 to February of 2010 and has increased 2.8 percent since February of 2009.

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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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