Consumer Price Index (CPI), June 2022
Inflation rate was 8.5 percent in June 2022
Statistical news from Statistics Sweden 2022-07-14 8.01
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 8.5 percent in June 2022, up from 7.2 percent in May. On a monthly basis, the inflation rate according to the CPIF rose by 1.2 percent from May to June.
“Prices on food, electricity and fuel rose and affected the inflation rate the most”, says Sofie Öhman, statistician at Statistics Sweden.
The price base amount has been calculated at SEK 52 500 for 2023. This is an increase of SEK 4 200 compared with the price base amount from 2022. For further information, please see the separate statistical news:
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 370.95 | 1.4 | 8.7 |
| CPIF (1987=100) | 242.64 | 1.2 | 8.5 |
| CPIF-XE (1987=100) | 223.70 | 0.7 | 6.1 |
- The highest inflation rate according to the CPIF since July 1991.
- Food prices continued to increase, primarily prices for meat, milk, cheese, eggs and bread.
- Electricity and fuel prices rose and contributed to the inflation rate in June.
- The coffee price has increased by almost 50% since last year.
- The inflation rate according to CPIF excluding energy increased from 5.4 percent in May to 6.1 percent in June.
Even higher fuel prices
The CPIF rose by 1.2 percent from May to June. In the corresponding period a year ago, the CPIF increased by 0.1 percent.
The monthly change was mainly driven by price increases in transport, of which the largest contribution came from higher fuel prices. Also, prices on cars rose together with other services of personal transport such as car rental. Additionally, prices on food made an upward contribution, where meat, milk, cheese, eggs and bread were among the products which increased the most in price.
Prices on electricity rose in June, as did the prices of package holidays, furnishings, household equipment, restaurants and hotels.
Lower prices on clothing, due to the seasonal summer sale, partially offset the upward contribution to the monthly change.
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 June 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 (01.1) | 2.0 | 0.3 |
| Clothing (03.1) | ‑2.9 | ‑0.1 |
| Electricity (04.5.1) | 6.6 | 0.3 |
| Furnishings and household equipment (05) | 1.7 | 0.1 |
| Cars (07.1.1) | 1.4 | 0.1 |
| Fuel (07.2.2) | 10.4 | 0.3 |
| Other services in respect of personal transport equipment (07.2.4) | 10.3 | 0.1 |
| Package holidays (09.6) | 30.8 | 0.1 |
| Restaurants and hotels (11) | 1.4 | 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 most recent years for the goods and services with the largest impact on the CPIF monthly change.
In June 2022, the prices on food rose, while they decreased in the same period the two previous years.
Electricity prices rose for the third consecutive year in June. However, the percentage increase is larger this year compared to the two previous years in June. The same pattern is shown for cars, fuel and other services of personal transport which all have higher price increases between June and May 2022.
The prices on package holidays have increased in June the last three years, though the increase this year is somewhat lower compared to June 2021.
Furnishings, household equipment, restaurants and hotels have noted both price increases and decreases in June for the last three years. This year in June, they all noted price increases.
Lastly, clothing has had a seasonal price decrease in June for the last three years.
Contributions to the inflation rate in June
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 8.5 percent in June 2022, up from 7.2 percent in May.
The inflation rate was mainly affected by price increases on food and non-alcoholic beverages, where meat, milk, cheese, eggs, coffee and bread had the highest contribution.
Further, housing costs increased, where rising prices on electricity, costs of owning the home and rents for housing contributed to a higher inflation rate. In addition, there also were price increases on transport, in particular fuel prices and prices on cars. Also, price increases on furnishings, household equipment, catering services, hotels, recreation and culture as well as personal care contributed to the inflation rate in June.
The inflation rate according to the CPIF excluding energy was 6.1 percent in June, up from 5.4 percent in May.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 11.2 | 1.6 |
| Electricity (04.5.1) | 39.8 | 1.3 |
| Rented and housing co-operative dwellings: rent incl. heating (04.S) | 1.6 | 0.2 |
| Costs of owning the home (04.x) | 8.1 | 0.6 |
| Furnishings and household equipment (05) | 12.2 | 0.9 |
| Cars (07.1.1) | 8.4 | 0.4 |
| Fuel (07.2.2) | 54.2 | 1.3 |
| Recreation and culture (09) | 3.9 | 0.5 |
| Catering services and hotels (11) | 10.1 | 0.6 |
| Personal care(12.1) | 5.8 | 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.
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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