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Inflation declines from 8.5 in June to 8.0 in July, Statistics Norway announces.
The decline was greater than analysts had expected.
However, foods such as milk, cheese, eggs and vegetables continue to become more expensive.
Friday’s figure represents a decline from June when the inflation rate was 8.5 percent, which was the highest inflation since 1991.
The monthly change from June to July was -0.2 percent.
– Lower prices for electricity and fuel contributed to the inflation rate falling for the first time since January, says Carl Mårtensson, price statistician at Statistics Sweden.
Analysts had expected inflation to moderate. But the decline was greater than expected, on average the economists’ forecast was 8.3 percent, according to TT.
In contrast, the rate of inflation excluding energy (KPIFXE) rose from 6.1 in June to 6.6 percent in July.
“Dairy products and vegetables usually have a price increase in July, but have increased more than usual this time. There was also a seasonally normal price increase for international air travel and package travel,” writes Statistics Norway.
The Riksbank’s latest forecast, made at the end of June, was that CPIF inflation would be 7.6 percent in July and KPIFXE inflation (when energy is excluded) 5.8 percent.
Facts
Swedish inflation
According to the measure CPIF, the annual rate of inflation is measured with a fixed interest rate. This is how the annual rate has looked per month since June 2021, until June this year.
June 2021: 1.6 percent
July 2021: 1.7 percent
August 2021: 2.4 percent
September 2021: 2.8 percent
October 2021: 3.1 percent
November 2021: 3.6 percent
December 2021: 4.1 percent
January 2022: 3.9 percent
February 2022: 4.5 percent
March 2022: 6.1 percent
April 2022: 6.4 percent
May 2022: 7.2 percent
June 2022: 8.5 percent
July: 2022: 8.0 percent
Source: TT/SCB
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