“Prices increased mainly for package tours and food during July. This was countered by lower electricity prices, which contributed to consumer prices being unchanged overall during July,” says Carl Mårtensson, price statistician at Statistics Sweden, in a comment in a press release.
Analysts on average had expected unchanged inflation of 9.3 percent, according to Bloomberg.
But the so-called CPIF inflation, where interest rate effects on price trends are excluded, was also unchanged at 6.4 percent. It was a marginally lower level than expected. Analysts were expecting an increase to 6.5 percent in July.
The Riksbank’s goal is to keep CPIF inflation at 2 percent.
CPIF inflation excluding energy prices – the so-called underlying inflation – was 8 percent. This can be compared with 8.1 percent in June and the expected 8.0 percent.