Consumer Price Index (CPI), April 2022
Inflation rate was 6.4 percent in April 2022
Statistical news from Statistics Sweden 2022-05-12 8.00
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 6.4 percent in April 2022, up from 6.1 percent in March. On a monthly basis, the inflation rate according to the CPIF rose by 0.6 percent from March to April.
“Continued widespread price increase in April, including food, household equipment, restaurant visits and hotels,” says Mikael Nordin, statistician at Statistics Sweden.
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 362.02 | 0.6 | 6.4 |
| CPIF (1987=100) | 237.35 | 0.6 | 6.4 |
| CPIF-XE (1987=100) | 220.10 | 0.9 | 4.5 |
- The highest inflation rate according to the CPIF since December 1991.
- Food prices continued to increase, primarily prices for meat and vegetables rose
- Prices on electricity and fuel decreased in April, but their yearly change was still on high levels
- The inflation rate according to CPIF excluding energy increased from 4.1 percent in March to 4.5 percent in April.
Widespread price increase continued
The CPIF rose by 0.6 percent from March to April. In the corresponding period a year ago, the CPIF increased by 0.3 percent.
The monthly change in April was driven by a widespread price increase. Food prices increased, where meat and vegetables where the primarily contributors. Clothing and books noted seasonally price increases, and prices for furnishings and household equipment have now risen for six consecutive months. Prices also increased for maintenance and repair of the dwelling, transport, restaurant visits and hotels as well as miscellaneous goods and services
The price increases were offset by decreased prices on electricity and audio-visual and photographic equipment.
The table below shows changes on a monthly basis and contributions to the CPIF based on the goods and services that had the greatest impact on the CPIF in April 2022. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.
| Category (Coicop) | Monthly changes, percent |
Contribution to CPIF Monthly change, percentage points |
|---|---|---|
| Food (01.1) | 1.3 | 0.2 |
| Meat (01.1.2) | 2.8 | 0.1 |
| Vegetables (01.1.7) | 3.4 | 0.1 |
| Clothing (03.1) | 1.6 | 0.1 |
| Electricity (04.5.1) | ‑3.9 | ‑0.2 |
| Maintenance and repair of the dwelling (04.x) | 2.1 | 0.1 |
| Furnishings and household equipment (05) | 0.8 | 0.1 |
| Transport (07) | 0.8 | 0.1 |
| Audio-visual, photographic and information processing equipment (09.1) | ‑3.4 | ‑0.1 |
| Books (09.5) | 20.4 | 0.1 |
| Restaurants and hotels (11) | 1.3 | 0.1 |
| Miscellaneous goods and services (12) | 1.7 | 0.1 |
Seasonal patterns and temporary price changes
Price changes on goods and services may be seasonal or temporary. The figure above shows the monthly changes this year and in the two most recent years for the goods and services with the largest impact on the CPIF monthly change.
Food prices rose more in April 2022 compared to same month last year, but in parity with the price increase in April 2020. Prices on clothing have increased in April the last two years, whereas in 2020 the prices decreased. Electricity prices decreased in April the last three years, while maintenance and repair of the dwelling as well as furnishings and household equipment have had marginally increased prices for the last three years.
Prices within transport have risen the last two years in April, while they fell in April 2020. Audio-visual and photographic equipment fell notably in April 2022 but have had marginal price changes in the corresponding month the last two years.
Lastly, books have had a seasonal price increase in April the last three years.
Contributions to the inflation rate in April
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 6.4 percent in April 2022, up from 6.1 percent in March.
The inflation rate continues to be affected by high energy prices. Additionally, prices on food and non-alcoholic beverages continued to increase in April, where dairy products where the most contributing factor to the yearly change.
Costs of owning the home and fees for rented and housing co-operative dwellings increased in April 2022. Also, there were increased prices on car sales.
Prices on restaurant visits, hotels and miscellaneous goods and services increased in April and continued to contribute to a positive inflation rate. Prices also increased for furnishings and household equipment as well as recreational and cultural services.
The inflation rate according to the CPIF excluding energy was 4.5 percent in April, up from 4.1 percent in March.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 6.6 | 0.9 |
| Milk, cheese and eggs (01.1.4) | 8.0 | 0.2 |
| Housing (0,4) | 8.5 | 2.0 |
| Electricity (04.5.1) | 32.4 | 1.1 |
| Rented and housing co-operative dwellings: rent incl. heating (04.S) | 1.7 | 0.2 |
| Costs of owning the home (04.x) | 8.0 | 0.5 |
| Furnishings and household equipment (05) | 8.5 | 0.6 |
| Transport (07) | 11.6 | 1.6 |
| Motor cars (07.1.1) | 6.7 | 0.3 |
| Fuel (07.2.2) | 44.9 | 1.1 |
| Audio-visual, photographic and information processing equipment (09.1) | ‑8.0 | ‑0.2 |
| Recreational and cultural services (09.4) | 5.2 | 0.3 |
| Restaurants and hotels (11) | 7.1 | 0.4 |
| Miscellaneous goods and services (12) | 4.4 | 0.3 |
Other measures of inflation
Statistics Sweden calculates different inflation measures for different purposes. The CPIF is the Riksbank’s target variable, while the CPI is the measure used for purposes of compensation.
Definitions and explanations
The CPIF shows the same price trend as the CPI, but without the direct effects of a changed monetary policy. The CPIF is the Riksbank’s target variable for the inflation target.
The CPIF excluding energy (CPIF-XE) and the CPIF with constant tax (CPIF-CT) are two other measures of inflation produced by Statistics Sweden on behalf of the Riksbank. In the CPIF-XE, energy products are excluded from the CPIF, while in the CPIF-CT the taxes and subsidies associated with the products in the CPIF are kept constant.
The HICP (Harmonised Index of Consumer Prices) is produced by all EU Member States. This measure has a somewhat smaller coverage than the CPI and the CPIF, mainly because parts of households’ housing costs are omitted.
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