Soaring energy prices push Swedish inflation to 28-year high

Swedish inflation stood at 3.6 per cent year-on-year in November, the highest level in 28 years, driven by soaring energy prices, offical data showed on Tuesday. 

“Rising energy prices contributed to the highest inflation rate since December 1993,” said Mikael Nordin of Statistics Sweden. 

The annual inflation rate had stood at 3.1 per cent in October. 

Stripping out energy prices, inflation stood at 1.9 per cent year-on-year in November, compared to 1.8 per cent in October. 

In November, Sweden’s central bank, the Riksbank, which has an inflation target of two per cent, had said it expects “a slowdown in inflation next year” as energy prices slow and supply chain bottlenecks are resolved “when growth enters a calmer phase.”