Sundaymail Editor
Swedish consumers are witnessing the highest inflation since 1991, with consumer prices, measured with a fixed interest rate, rising from 6,4 percent in April to 7,2 percent in May, Statistics Sweden said on Tuesday.
Energy prices saw the biggest increases, with fuel prices surging by 41,8 percent in a year and electricity prices rising by 33,6 percent.
In contrast to prior years, when the price of power dropped in the spring as a result of declining demand, it rose by 4,1 percent in May.
Food price has increased significantly as well. Meat prices rose by 4,4 percent in May, while the cost of eggs and dairy products grew by 3,5 percent from April to May.
Meanwhile, costs of owning a condominium rose by 7,2 percent compared with May 2021. House owners fared even worse, with costs rising on average 8,1 percent year on year.
Anders Nordberg, senior economist at insurance company Lansforsakringar, told Swedish Television that renters and the unemployed will be the hardest hit by the soaring inflation.
“These groups are affected (not only) by higher prices but also by rising rents in the long run, as rents are adjusted upwards with inflation,” he said. – Xinhua
Online Reporter