Consumer Price Index (CPI), October 2021
Inflation rate was 3.1 percent in October 2021
Statistical news from Statistics Sweden 2021-11-15 9.30
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 3.1 percent in October 2021, up from 2.8 percent in September. On a monthly basis, the inflation rate according to the CPIF rose by 0.2 percent between September and October.
“We noted a broad price increase on recreational and cultural services such as sports competitions, cinemas, theatres and admission fees to dance clubs. This development may be related to eased restrictions,” says Sofie Öhman, statistician at Statistics Sweden.
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 346.44 | 0.2 | 2.8 |
| CPIF (1987=100) | 227.24 | 0.2 | 3.1 |
| CPIF-XE (1987=100) | 212.79 | 0.4 | 1.8 |
- Electricity prices fell in October, while fuel prices continued to increase
- Prices rose on fruit, vegetables and beverages and contributed to higher prices on food and non-alcoholic beverages
- Prices rose on cultural services and goods such as package holidays, tickets to sports and cultural events, ski equipment and televisions
- The inflation rate according to CPIF excluding energy increased from 1.5 percent in September to 1.8 percent in October
Fuel prices continued to increase
The CPIF rose by 0.2 percent from September to October. In the corresponding period a year ago, the CPIF remained unchanged.
The main contribution to the CPIF monthly rate came from a broad price increase in the group recreation and culture, in which prices rose on services and goods such as package holidays, cinema, theatre, admission fees to dance clubs, sports competitions, ski equipment, televisions, streaming services and TV and computer games. Some of these price increases may be related to the fact that most restrictions were lifted ahead of October. Rising transport costs, mainly rising fuel prices, also contributed to the positive change in the monthly rate. Fuel prices have increased for 11 consecutive months. Food prices also rose somewhat, in which price increases on vegetables, fruit and non-alcoholic beverages contributed to the change.
The cost of housing decreased in October, mainly due to 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 October 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 |
| Electricity (04.5.1) | ‑7.2 | ‑0.3 |
| Transport (07) | 1.4 | 0.2 |
| Fuel (07.2.2) | 5.6 | 0.1 |
| Recreation and culture (09) | 1.7 | 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.
Prices on food and non-alcoholic beverages rose in October. During the same period last year, these prices also increased, although not to the same extent.
As in the previous year, electricity prices fell in October, albeit somewhat more this year than last year. This can be explained in part by high electricity prices in September 2021. In October 2019, electricity prices increased instead.
In October 2021, fuel prices increased more than in the corresponding period in the last two years. This explains in part why transport prices rose more this year compared to the two previous years.
As mentioned above, a broad price increase was noted in the group recreation and culture, which can probably be explained by lifted restrictions.
Contributions to the inflation rate in October
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 3.1 percent in October 2021, up from 2.8 percent in September.
The rate of inflation was mainly affected by increased housing costs, in which electricity prices accounted for the largest contribution. Raised housing user costs also affected the inflation rate.
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 food and non-alcoholic beverages, restaurant and hotels, along with recreation and culture.
These price increases were offset by falling prices on computers, televisions and mobile phones.
The inflation rate according to the CPIF excluding energy was 1.8 percent in October, up from 1.5 percent in September.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 1.2 | 0.2 |
| Electricity (04.5.1) | 20.7 | 0.7 |
| Imputed rent for owner occupiers (04.x) | 6.1 | 0.4 |
| Transport (07) | 7.4 | 1.0 |
| Fuel (07.2.2) | 30.2 | 0.6 |
| Communication (08.2) | ‑13.2 | ‑0.2 |
| Recreation and culture (09) | 1.3 | 0.2 |
| Audio-visual, photographic and information processing equipment (09.1) | ‑9.6 | ‑0.3 |
| Restaurants and hotels (11) | 2.9 | 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 Previous imputations during the coronavirus pandemic (pdf).
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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2021-12-14 at 9:30.
Statistical Database
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