Consumer Price Index (CPI), November 2021
Inflation rate was 3.6 percent in November 2021
Statistical news from Statistics Sweden 2021-12-14 9.30
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 3.6 percent in November 2021, up from 3.1 percent in October. On a monthly basis, the inflation rate according to the CPIF rose by 0.5 percent between October and November.
“Rising energy prices contributed to the highest inflation rate since December 1993,” says Mikael Nordin, statistician at Statistics Sweden.
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 348.03 | 0.5 | 3.3 |
| CPIF (1987=100) | 228.33 | 0.5 | 3.6 |
| CPIF-XE (1987=100) | 212.91 | 0.1 | 1.9 |
- Electricity and fuel prices rose and were the main contributor to the inflation rate
- The highest inflation rate since December 1993 was noted
- Prices for clothing, restaurant and hotel services increased in November
- The inflation rate according to CPIF excluding energy increased marginally from 1.8 percent in October to 1.9 percent in November
Electricity prices increased sharply
The CPIF rose by 0.5 percent from October to November. In the corresponding period a year ago, the CPIF remained unchanged.
In November 2021, the monthly price change was mainly driven by rising electricity prices. Rising fuel prices also contributed to the monthly change, in which Ethanol E85 noted a particularly high price increase at about 18 percent.
Prices also rose for restaurant and hotel services, as well as clothing, which is normal for the season.
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 November 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 |
|---|---|---|
| Clothing (03.1) | 1.9 | 0.1 |
| Electricity (04.5.1) | 8.4 | 0.4 |
| Fuel (07.2.2) | 1.9 | 0.1 |
| Restaurants and hotels (11) | 1.0 | 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.
Clothing noted a seasonal price increase in November 2021, which is on a level with the price increase in 2019, but somewhat higher than 2020.
In the past two years, electricity prices have increased in November. However, the monthly price change in November 2021 was higher compared with recent years. The monthly change for fuel prices has varied in November over the past three years. However, since the downturn in prices in November 2020, fuel prices have increased for 12 consecutive months.
As in the past two years, prices for restaurant and hotel services increased in November. During the autumn, restrictions were lifted, which could be a factor that contributed to the price increase this year, unlike in the past two years.
Contributions to the inflation rate in November
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 3.6 percent in November 2021, up from 3.1 percent in October.
The rate of inflation was mainly affected by rising electricity and fuel prices. The contribution from these energy products was about 1.8 percentage points, which corresponds to almost half of the inflation rate in November 2021.
Prices also rose on package holidays, food and non-alcoholic beverages, restaurant and hotel services as well as miscellaneous goods and services. An upward contribution to the inflation rate also came from user costs on housing.
These price increases were offset by falling prices on mobile telephones as well as on audio-visual and photographic equipment.
The inflation rate according to the CPIF excluding energy was 1.9 percent in November, up from 1.8 percent in October.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 1.0 | 0.2 |
| Electricity (04.5.1) | 29.1 | 1.1 |
| Imputed rent for owner occupiers (04.x) | 4.9 | 0.2 |
| Fuel (07.2.2) | 34.8 | 0.7 |
| Equipment, mobile telephones (08.2) | ‑13.1 | ‑0.2 |
| Audio-visual, photographic and information processing equipment (09.1) | ‑7.8 | ‑0.2 |
| Package holidays (09.6) | 17.5 | 0.2 |
| Restaurants and hotels (11) | 3.8 | 0.2 |
| Miscellaneous goods and services (12) | 2.3 | 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
As in the previous month, no product groups were imputed. For further information, see:
Special imputations during the coronavirus pandemic (pdf).
Adjusted compilation method for weights during 2022
Statistics Sweden updates, on an annual basis, the weights used to compile the CPI, CPIF, HICP and other measures of consumer side inflation. These weights are based on information about household consumption among product groups. An adjusted calculation method was used to update the weights for 2021 that took into account the shifts in consumption in 2020. Ahead of 2022, Statistics Sweden will use the same adjustment method for compiling the weights. That is, shifts in consumption in 2021 will be taken into account in the compilation of the weights for 2022. For further information, see:
Adjusted compilation method for CPI, CPIF and HICP weights in 2022
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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2022-01-14 at 9:30.
Statistical Database
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