Swedish inflation in June hit a new high of 30 years

Xinhua News Agency, Stockholm, July 14 (Reporter Fu Yiming) Data released by the Swedish Central Statistics Bureau on the 14th shows that the inflation rate in Sweden in June reached 8.5%, which set the highest record since December 1991.

Data show that the prices of food, power and fuel in Sweden increased by 11.2%, 39.8%, and 54.2%year -on -year, respectively, which had the greatest impact on the overall inflation. Earlier, the inflation rates in Sweden in March, April, and May were 6.1%, 6.4%, and 7.2%, respectively, with a high innovation high.

From July 6th, the Central Bank of Sweden has increased the benchmark interest rate from 0.25%to 0.75%, which has raised the benchmark interest rate to the maximum of Sweden since this year. The Swedish central bank said that affected by uncertain factors in the fields of global supply chains, geopolitics, and commodities, energy and food prices continue to rise and will further push the level of inflation.

The Swedish central bank said that it is necessary to further raise interest rates to inhibit the worst inflation situation in decades, and it is expected that the benchmark interest rate will be increased to a slightly lower 2%level by 2023.

In addition, the Swedish Academy of Economic Research issued a report last month that due to the continued soaring inflation, the agency has greatly reduced Sweden's economic growth rates to 1.9%and 1.2%today.

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