Customers shop at a supermarket in Stockholm, Sweden, on July 14, 2022. Photo:Xinhua

Inflation keeps accelerating in Sweden as the CPIF (Consumer Price Index with fixed interest rate) rose by 8.5 percent year-on-year in June, according to statistics released on Thursday.

Data gathered by Statistics Sweden have for months confirmed that the country has been hit by the highest inflation in more than three decades, and now the June inflation figure surpassed those of previous months -- 7.2 percent in May and 6.4 percent in April.

"Prices on food, electricity and fuel rose and affected the inflation rate the most," Sofie Ohman, a price statistician at Statistics Sweden, said in a press release.

The data reveals that in the food category, prices for everyday foodstuff such as milk, bread, eggs, cheese and meat have risen the most. Overall food is 2 percent more expensive compared with the previous month. Over the last year, the consumer prices for foodstuff increased by 11.2 percent.

The prices for fuel and electricity increased by 10.4 and 6.6 percent respectively from May. The constant price hikes mean that over 12 months, fuel price went up by 54.2 percent in June, while electricity became 39.8 percent more expensive.

Surging fuel and electricity costs have not only driven up food prices, but also contributed to higher housing costs, with a 1.6-percent rise for rented homes and an 8.1-percent price surge for owned housing over a 12-month period.

The staggering inflation in Sweden has not gone unnoticed by the central bank, Riksbanken, which has lately announced a string of policy rate increases in an attempt to lower inflation to the 2-percent target.

 

Customers are seen at a coffee shop in Stockholm, Sweden, on July 14, 2022. Photo:Xinhua

 

A man fuels a vehicle at a gas station in Stockholm, Sweden, on July 14, 2022. Photo:Xinhua