Consumer Price Index (CPI), April 2024
The inflation rate according to CPI was 3.9 percent in April 2024
Statistical news from Statistics Sweden 2024-05-15 8.00
The inflation rate according to the CPI was 3.9 percent in April 2024, down from 4.1 percent in March. On a monthly basis, the CPI index increased by 0.3 percent from March to April. The inflation rate according to the CPIF (Consumer Price Index with fixed interest rate) was 2.3 percent in April.
– The effect of increasing interest rates for household’s mortgages is easing, which can explain the decreasing inflation rate in April, says Carl Mårtensson, statistician at Statistics Sweden
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 415.50 | 0.3 | 3.9 |
| CPIF (1987=100) | 261.21 | 0.3 | 2.3 |
| CPIF-XE (1987=100) | 245.49 | 0.4 | 2.9 |
- The interest rates for household’s mortgages rose and contributed with 1.8 percentage points to the annual inflation rate according to CPI.
- The actual rentals for housing increased in April.
- Electricity prices were lower in April, which is usual for the month.
- The annual inflation rate according to CPIF excluding energy was 2.9 percent in April.
Lower electricity prices
The CPI increased by 0.3 percent from March to April. In the corresponding period a year ago, prices increased by 0.5 percent.
The monthly change in April was mainly due to higher prices of recreation and culture, with books rising in price after last month's book sale. Also, there were price increases in restaurant- and hotel visits.
The actual rentals for and the costs of owning the home increased in April. Furthermore, there were lower electricity prices and lower fruit prices.
The table below shows changes on a monthly basis and contributions to the CPI based on the goods and services that had the greatest impact on the CPI in April 2024. 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 CPI Monthly change, percentage points |
|---|---|---|
| Fruit (01.1.6) | ‑5.2 | ‑0.1 |
| Electricity (04.5.1) | ‑3.2 | ‑0.1 |
| Actual rentals for housing (04.S.1) | 1.2 | 0.1 |
| Costs of owning the home (04.x) | 0.6 | 0.1 |
| Recreation and culture (09) | 0.7 | 0.1 |
| Restaurants and hotels (11) | 1.0 | 0.1 |
Contributions to the inflation rate in April
The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 3.9 percent in April 2024. This is a decrease from March, when the inflation rate was 4.1 percent.
The contributions to the inflation rate in April mostly came from higher housing costs, which was mainly affected by increased mortgage costs and fees for rented and tenant-owned apartments. The higher housing costs was partly offset by lower electricity prices.
Recreation and culture, restaurant visits and clothing have risen in price over the last 12 months. Furthermore, prices rose within health care as well as miscellaneous goods and services. The price increases were partly offset by the fact that fuel prices have fallen.
The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 2.3 percent in April. The corresponding rate for March was 2.2 percent.
The inflation rate calculated excluding energy products (CPIF-XE) was 2.9 percent in April, which is unchanged compared to March.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPI percentage points |
|---|---|---|
| Clothing (03.1) | 4.4 | 0.2 |
| Electricity (04.5.1) | ‑8.7 | ‑0.3 |
| Actual rentals for housing (04.S.1) | 4.8 | 0.3 |
| Monthly fee, tenant-owned apartments (04.S.2) | 6.5 | 0.2 |
| Interest expense, owner occupied-housing (part of 04.x) | 29.6 | 1.3 |
| Interest expense, tenant-owned apartments (part of 04.y) | 32.6 | 0.6 |
| Health (06) | 6.4 | 0.2 |
| Diesel (part of 07.2.2) | ‑8.9 | ‑0.2 |
| Recreation and culture (09) | 2.4 | 0.3 |
| Restaurants (11.1) | 5.3 | 0.2 |
| Miscellaneous goods and services (12) | 3.7 | 0.2 |
Different measures of inflation
Statistics Sweden calculates different inflation measures for different purposes. The CPIF is the Riksbank’s target variable, while CPI is the measure used for purposes of compensation. The CPIF includes the same goods and services as CPI. The difference between the CPI and the CPIF is that the latter measure holds interest rates for household’s mortgages constant. Consequently, the effect of changed interest rates for household’s mortgages is only captured by the CPI and not the CPIF.
Additional to the CPI and the CPIF, the HICP is also calculated. The HICP is a harmonized measure of inflation used within the EU cooperation. Another index that is calculated each month is CPIF-XE (the CPIF excluding energy products) which is often used as a measure of underlying inflation.
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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Statistical Database
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