It's not just in America
and the Euro-zone
that consumer price inflation is rising, now inflation is rising in Sweden
too. The price index used domestically rose 1.5% in the year to April, up from 1.1% in March, while the underlying inflation rate that the Riksbank tracks rose from 1.2% to 1.5%. The harmonized index of consumer prices which is the relevant one for comparisons with other countries, rose 1.8% in the year to April, compared with a annual increase of 1.5% in March.
These numbers were all higher than the markets had expected and they were also much higher than what the Riksbank had forecasted. This means that the Riksbank will have a easier time motivating raising interest rates from their current extremely low level of 2%.