Swedish inflation in May was higher than expected due to Beyoncé concerts
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Inflation in Sweden in May amounted to 8.2% in annual terms. Such data today, June 14, published Swedish Statistical Office. Thus, inflation slowed down compared to 9.7% in April.
At the same time, core inflation (when calculating it excludes such goods as food and energy products, the prices of which fluctuate widely) turned out to be higher than analysts expected. It amounted to 8.2%, slightly slowing down from 8.4% in April. Analysts polled by Bloomberg predicted 7.8%, while the Swedish Central Bank – 8.1%.
According to economists at Danske Bank, at least in part this may be due to the concerts of the American singer Beyoncé, which took place in Stockholm on May 10-11. According to Danske Bank Senior Economist Michael Grahn, the concerts led to a significant increase in hotel and ticket prices. “We expect this unexpected increase to be reversed in June when hotel and ticket prices should return to normal,” he said.
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