Consumer Price Index (CPI), February 2022
Inflation rate was 4.5 percent in February 2022
Statistical news from Statistics Sweden 2022-03-14 8.00
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 4.5 percent in February 2022, up from 3.9 percent in January. On a monthly basis, the inflation rate according to the CPIF rose by 0.9 percent from January to February.
"There was a broad price increase on food and non-alcoholic beverages in February. Even though we noted some tendencies to this increase already in January, there was a completely different impact in February,” says Sofie Öhman, statistician at Statistics Sweden.
In brief
| Index Numbers | Monthly changes, percent | Annual changes, percent | |
|---|---|---|---|
| CPI (1980=100) | 353.56 | 0.9 | 4.3 |
| CPIF (1987=100) | 231.97 | 0.9 | 4.5 |
| CPIF-XE (1987=100) | 216.15 | 1.0 | 3.4 |
- Broad price increases on food and non-alcoholic beverages, fuel, furniture, recreation and culture explained a large part of the rise in the CPIF inflation rate.
- Electricity prices fell again in February, however, the prices have increased over the last 12 months.
- The inflation rate according to CPIF excluding energy increased from 2.5 percent in January to 3.4 percent in February, which was the highest notation since December 1993
Rising food prices
The CPIF rose by 0.9 percent from January to February. In the corresponding period a year ago, the CPIF increased by 0.3 percent.
The main contribution to the CPIF monthly rate in February came from price increases on food and non-alcoholic beverages, in which vegetables and coffee were the main drivers. Price increases on fuel also contributed to the positive monthly change. In addition, prices on clothing and furniture rose, as well as the prices of recreation and culture. The upturn was partly offset by lower electricity prices.
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 February 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 and non-alcoholic beverages (01) | 1.6 | 0.2 |
| Clothing (03.1) | 4.1 | 0.1 |
| Electricity (04.5.1) | ‑6.1 | ‑0.3 |
| Furniture and furnishings, carpets and other floor coverings (05.1) | 4.1 | 0.1 |
| Fuel (07.2.2) | 5.5 | 0.2 |
| Recreation and culture (09) | 1.6 | 0.2 |
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.
In recent years in February, the fuel prices have both increased and decreased. For February 2022, the price increase was higher than in the corresponding period a year ago. Electricity prices fell in February 2022, in contrast to the same period 2021, when the electricity prices rose. Two years ago, the prices for electricity also fell, although not to the same extent.
Prices on food and non-alcoholic beverages displayed a positive monthly change in February 2022, which is usually typical for the period. In February 2021, the prices instead decreased.
Furniture, clothing, recreation and culture all noted price increases in February for the third year in a row. However, the prices rose more in February 2022, compared to recent years.
Contributions to the inflation rate in February
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 4.5 percent in February 2022, up from 3,9 percent in January.
The rate of inflation was mainly affected by increased housing costs, in which costs of owning the home rose together with higher electricity prices. Transport prices also increased, largely affected by rising fuel prices, although rising car prices also contributed to the rate of inflation.
Furthermore, prices rose on furnishings and household equipment, mainly furniture. The same applies for food and non-alcoholic beverages, recreation and culture and also restaurants and hotels where price increases contributed to the rate of inflation.
The inflation rate according to the CPIF excluding energy was 3.4 percent in February, up from 2.5 percent in January.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 4.0 | 0.6 |
| Housing, water, electricity, gas and other fuels (04) | 5.7 | 1.4 |
| Furnishings, household equipment and routine maintenance of the house (05) | 6.5 | 0.5 |
| Motor cars (07.1.1) | 5.4 | 0.3 |
| Fuel (07.2.2) | 35.5 | 0.8 |
| Recreation and culture (09) | 2.2 | 0.3 |
| Restaurants and hotels (11) | 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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