Consumer Price Index (CPI), June 2021
Inflation rate was 1.6 percent in June 2021
Statistical news from Statistics Sweden 2021-07-14 9.30
The inflation rate according to the CPIF (Consumer Price Index with fixed interest rate) was 1.6 percent in June 2021, down from 2.1 percent in May. The change on a monthly basis between May and June was 0.1 percent.
The price base amount has been calculated at SEK 48 300 for 2022. This is an increase of SEK 700 compared with the price base amount from 2021. For further information, please see the separate statistical news:
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 341.32 | 0.1 | 1.3 |
| CPIF (1987=100) | 223.69 | 0.1 | 1.6 |
| CPIF-XE (1987=100) | 210.78 | 0.0 | 0.9 |
- Higher electricity and car rental prices.
- Seasonally normal price decreases in clothing from May to June, although prices remained at a higher level compared with June 2020.
- The inflation rate according to the CPIF excluding energy decreased from 1.2 percent in May to 0.9 percent in June.
- 0.26 percent of the basket was imputed due to absence of consumption.
Higher electricity, transport and package holiday prices
The CPIF increased by 0.1 percent from May to June. In the corresponding period a year ago, the CPIF increased by 0.6 percent.
The main contribution to the CPIF monthly rate came from higher prices in transport. The rise was mainly due to higher prices in car rental and operation of personal transport equipment. Higher prices in electricity and package holidays also contributed to the increase. Compared with 2020, the weight on package holidays has become smaller in 2021, making the contribution from package holidays less extensive despite the large price increase.
Lower prices for clothing along with food and alcoholic beverages partially offset the upward contribution to the monthly change.
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 June 2021. 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) | ‑0.4 | ‑0.1 |
| Clothing (03.1) | ‑3.6 | ‑0.1 |
| Electricity (04.5.1) | 1.8 | 0.1 |
| Transport (07) | 1.1 | 0.1 |
| Operation of personal transport equipment (07.2) | 1.5 | 0.1 |
| Car rental (07.2.4) | 11.3 | 0.1 |
| Package holidays (09.6) | 35.1 | 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.
The price increases for electricity and transport in June were somewhat lower compared with the corresponding period a year ago. The monthly change for package holidays was higher from May to June 2021, compared with the same period in the last two years. Package holidays was treated differently in June 2020 since the prices were fully imputed using the year-on-year change in non-imputed product groups. This, in contrast to June 2021 where no imputations were made.
Prices for clothing decreased in June, which is seasonally normal. A similar pattern is visible during the corresponding period in the last two years, although the decrease in June 2020 was slightly lower compared to the decrease in June 2021. Further, prices for food and non-alcoholic beverages decreased from May to June. As a result of food and non-alcoholic beverages having a relatively large proportion of the basket the small decline in prices still had an impact on the monthly change.
Contribution to the inflation rate in June
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 1.6 percent in June 2021, down from 2.1 percent in May.
The inflation rate was mainly affected by rising housing costs, in which higher electricity prices and rent increases were the key drivers. In addition, price increases also came from transport, in particular fuel prices, and clothing and footwear. Although prices for clothing fell from May to June, they still remained on a higher level in June 2021 compared with the corresponding period a year ago.
These increases were offset by falling prices in audio-visual, photographic and information processing equipment; communication and package holidays.
The inflation rate according to the CPIF excluding energy was 0.9 percent in June, down from 1.2 percent in May.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Clothing and footwear (03) | 3.7 | 0.1 |
| Housing (04) | 3.7 | 0.9 |
| Electricity (04.5.1) | 11.0 | 0.4 |
| Rented and housing co-operative dwellings: rent incl. heating (04.S) | 1.3 | 0.1 |
| Transport (07) | 5.0 | 0.6 |
| Fuel (07.2.2) | 15.6 | 0.3 |
| Communication (08.2) | ‑13.7 | ‑0.2 |
| Recreation and culture (09) | ‑1.8 | ‑0.2 |
| Audio-visual, photographic and information processing equipment (09.1) | ‑11.9 | ‑0.3 |
| Package holidays (09.6) | ‑24.7 | ‑0.2 |
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.
Effects of the coronavirus pandemic on calculations
As a result of the coronavirus pandemic, some services in the CPIF basket were unavailable for consumers to purchase in June. As in previous months, prices for these services have been imputed. The share of imputed prices was 0.26 percent in June, which is lower compared to May. For further information, see the document “Special imputations during the coronavirus pandemic”.
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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