Consumer Price Index (CPI), January 2017:
Inflation rate 1.4 percent
Statistical news from Statistics Sweden 2017-02-17 9.30
In January 2017, the inflation rate according to the Consumer Price Index (CPI) was 1.4 percent, down from 1.7 percent in December 2016. The CPI fell by 0.7 percent from December 2016 to January 2017. The CPI normally drops in January as a result of a normal seasonal pattern, in which mainly clothing and footwear prices decrease. In the corresponding period last year, the CPI decreased by 0.3 percent.
The composition of the consumption basket changes each year. Obsolete goods and services are removed, while new ones emerge. Methodological changes are also introduced in January. For more information about changes in the CPI from 2017, see link under ”Changes for 2017”.
From January all goods and services also get a new updated weight in the basket. The ‘basket effect’ is the combined effect of the change in the composition of the consumption basket and new weights. In January 2017, the basket effect contributed -0.1 percentage points to the monthly change in the CPI, which is close to the historical average.
In addition to the basket effect, a normal seasonal price decrease contributed -1.1 percentage points in total in January. Price decreases in clothing and footwear (-11.1 percent) contributed downwards by 0.6 percentage point while price decreases in international flights (-21.3 percent) contributed downwards by 0.2 percentage point to the change from December 2016 to January 2017. In addition, price decreases in package holidays (-11.6 percent), accommodation services (-6.5 percent) and the furnishing and household equipment group (-0.9 percent) contributed downwards by 0.1 percentage point each.
Higher prices on public transport (4.3 percent), food and non-alcoholic beverages (0.4 percent), owner-occupied housing (1.8 percent), electricity, gas and other fuels (1.3), and vehicle fuels and lubricants (3.3 percent) contributed upwards by 0.1 percentage point each.
The CPI for January 2017 was 317.50 (1980=100).
The inflation rate according to the CPIF (CPI with a fixed interest rate) was 1.6 percent in January 2017. The CPIF decreased by 0.7 percent from December 2016 to January 2017. In the corresponding period last year, the CPIF decreased by 0.4 percent.
The inflation rate according to the HICP (Harmonised Index of Consumer Prices) was 1.5 percent in January 2017. The HICP decreased by 0.8 percent from December 2016 to January 2017. In the corresponding period last year, the HICP decreased by 0.6 percent.
Changes for 2017
Some adjustments will be introduced in the calculation of the Consumer Price Index and the related measures as from publication for January 2017.
For further information, see:
Adjustments in the CPI and the related measures as from 2017 (pdf)
Next publishing will be
2017-03-14
Statistical Database
More information is available in the Statistical Database
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.