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INFLATION

Swedish inflation rises to 1.1 percent in July

Inflation climbed slightly to 1.1 percent in Sweden in July, up from 0.9 percent in June, new figures showed on Thursday.

From June to July, consumer prices dropped 0.3 percent, Statistics Sweden said in a statement.

The agency added that adjusted for the direct effect of the low interest rates, annual inflation in July stood at 1.7 percent. Sweden left its benchmark rate at a historic low level of 0.25 percent for a year before raising it to 0.5 percent on July 1st.

Statistics Sweden said that the biggest price falls were for clothing, which experienced a normal seasonal drop of 6.6 percent, and petrol, which fell 2.6 percent.

According to the European Union’s Harmonised Index of Consumer Prices (HICP), inflation in Sweden stood at 1.4 percent in July on a 12-month basis, compared to 1.6 percent in June.

From June to July, Sweden’s HICP-calculated inflation fell by 0.4 percent.

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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.

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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