Stockholm, January 13 (QNA) – Sweden’s inflation rate reached double digits for the first time in more than three decades in December, as price increases show little sign of abating despite the central bank’s efforts.
Sweden’s inflation adjusted for fixed interest rates (CPIF) jumped to 10.2 percent on an annual basis, up from 9.5 percent in November.
The consumer price index (CPI) accelerated to 12.3 percent, up from 11.5 percent in November, Statistics Sweden said, the highest figure since February 1991.
In a bid to counter soaring inflation, Sweden’s central bank has sharply hiked its key interest rate in recent months, from zero in April to 2.5 percent currently, with its next monetary policy meeting scheduled for early February.
The bank has signaled that more increases are on the way.
Inflation has soared worldwide in the wake of Russias invasion of Ukraine in February 2022, prompting central banks to hike interest rates. (QNA)