STOCKHOLM (dpa-AFX) - Sweden's consumer price inflation accelerated more-than-expected in September to reach its highest level in nearly thirty-two years, figures from Statistics Sweden showed on Wednesday.
Consumer prices climbed 10.8 percent year-over-year in September, faster than the 9.8 percent increase in August. That was also above the 10.5 percent increase expected by economists.
The latest inflation was the highest since December 1991, when prices had grown 10.9 percent.
'Higher electricity prices and higher prices for food and non-alcoholic beverages contributed to the high inflation in September', Caroline Neander, statistician at Statistics Sweden, said.
Electricity prices alone surged 54.0 percent in September compared to last year, and prices for food and non-alcoholic beverages registered a sharp increase of 16.1 percent.
On a monthly basis, consumer prices moved up 1.4 percent in September versus 1.8 percent in August. Prices were forecast to rise by 1.1 percent.
Inflation, based on the CPI with fixed interest rate or CPIF, also rose to 9.7 percent in September from 9.0 percent in the preceding month. The expected rate of increase was 9.3 percent.
Further, this was the strongest inflation rate since June 1991, when prices had risen 10.1 percent.
In the meantime, the Riksbank aims to keep inflation around 2 percent in terms of the CPIF.
Compared to the previous month, the CPIF increased 1.1 percent in September, while the expected rise was 0.7 percent.
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