FX.co ★ Inflation in Sweden reaches three-decade high

Inflation continues its victory march across Europe. This time, it has reached Sweden. In May, inflation in the country hit a three-decade high of 7.2%, Statistics Sweden (SCB) revealed. For 30 years, consumer prices have remained stable, not rising above the indicated level. Thus, Sweden saw 30 years of price stability.

A 7.2% increase in inflation came as an unpleasant surprise, especially after the April reading of 6.4%. Notably, the current level is the highest since 1991. SCB clarified that prices skyrocketed mainly for food products such as meat, milk, cheese, and eggs.

Other EU states are also struggling with galloping inflation. Annual inflation in the eurozone accelerated to 8.1% in May, logging the seventh consecutive record high. In April, the figure jumped to 7.4%. Consumer prices are up mainly because of rising commodity prices.