Consumer Price Index (CPI), August 2022
Inflation rate was 9.7 percent in September 2022
Statistical news from Statistics Sweden 2022-10-13 8.00
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 9.7 percent in September 2022, up from 9.0 percent in August. On a monthly basis, the inflation rate according to the CPIF increased by 1.1 percent from August to September.
“Higher electricity prices and higher prices for food and non-alcoholic beverages contributed to the high inflation in September”, says Caroline Neander statistician at Statistics Sweden
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 383.21 | 1.4 | 10.8 |
| CPIF (1987=100) | 248.62 | 1.1 | 9.7 |
| CPIF-XE (1987=100) | 227.58 | 0.7 | 7.4 |
- Increased interest expenses contributed with about 1.2 percentage point to the inflation rate according to CPI which amounted to 10.8 percent
- Widespread price increases continued for products such as food and non-alcoholic beverages
- Electricity prices were 54 percent higher in September compared to the same month a year ago
- Fuel prices fell in September
- The inflation rate according to CPIF excluding energy increased from 6.8 percent in August to 7.4 percent in September
“The inflation rate according to the CPI was higher than CPIF because of the increased interest rates of mortgages. This effect is eliminated from CPIF. Otherwise, the two measures are similar”, says Caroline Neander, Statistics Sweden.
Electricity prices continue to rise
The CPIF increased by 1.1 percent from August to September. In the corresponding period a year ago, the CPIF rose by 0.5 percent.
The monthly rate of change was affected by higher electricity and fuels prices. There was a broad increase in the price of food and non-alcoholic beverages. Among food products, the prices among bread and other cereal products rose the most. The price of coffee also had a significant impact.
Prices for clothing and footwear also went up, which is seasonally normal. The prices of furniture as well as recreation and culture rose and had a positive impact on the monthly rate of change.
The upward contributions to the monthly change were offset by falling prices for fuel and other vehicle costs.
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 September 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) | 1.1 | 0.2 |
| Clothing and footwear (03) | 4.7 | 0.2 |
| Electricity and fuels (04.5) | 9.5 | 0.5 |
| Furniture (05.1) | 2.5 | 0.1 |
| Fuel (07.2.2) | ‑1.9 | ‑0.1 |
| Other expenses for vehicles (07.2.4) | ‑6.0 | ‑0.1 |
| Recreation and culture (09) | 0.5 | 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 preceding years for those goods and services which had the largest impact on the CPIF monthly change.
Food prices rose in September this year unlike the same period last year when prices fell, as they also did in September 2020, when prices decreased even more.
In September of the last three years, the price of clothing and footwear has had a seasonally normal increase.
Electricity and other fuels prices have risen in September for the past three years, the monthly change has also become a little larger with each passing year between 2020 and 2022.
Furniture prices increased more now in September than in the corresponding period two years ago and even more than in September last year.
Fuel prices fell in September 2022, as they did in September 2020. In September last year, fuel prices went up instead.
Cost of other services in respect of personal transport equipment fell in September but not as much as in September 2021, but significantly more than in the same period two years ago.
Prices for recreation and culture fell in September 2020 and 2021, but in September this year they increased.
Increased inflation rate in September
The inflation rate according to CPIF, that is, the change in CPIF from the same month of the previous year, was 9.7 percent in September 2022. This is an increase from August when the inflation rate was 9.0 percent.
Prices on food and non-alcoholic beverages had an impact on the inflation rate. Mainly it was price increases on meat, milk, cheese, bread, cereal products and coffee which contributed the most.
Electricity prices had a major effect on the inflation rate. Likewise, the cost of maintenance and repair of the dwelling increased in September. Furniture and household goods also rose in price, where furniture had a large impact.
Prices of transport increased, a large part of the increase was because of prices for the purchase of vehicles and the operation of vehicles increased. Prices for recreation and culture, restaurant visits and accommodation services also increased. Higher prices in various goods and services also contributed to a positive inflation rate.
The inflation rate according to the CPI, which unlike CPIF is affected by changes in interest rates, was 10.8 percent in September. This is an increase compared to August when it was 9.8 percent. The inflation rate calculated excluding energy products (CPIF-XE) was 7.4 percent in September, which is an increase compared to August when it was 6.8 percent.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 16.1 | 2.2 |
| Clothing and footwear (03) | 6.2 | 0.3 |
| Electricity (04.5.1) | 54.2 | 2.0 |
| Maintenance and repair of the dwelling (part of 04.x) | 10.8 | 0.3 |
| Furnishings and household goods (05) | 13.7 | 1.0 |
| Transport (07) | 9.7 | 1.4 |
| Recreation and culture (09) | 4.4 | 0.5 |
| Restaurants and hotels (11) | 9.8 | 0.6 |
| Miscellaneous goods and services (12) | 4.2 | 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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2022-10-13 at 8:00.
Statistical Database
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