Consumer Price Index (CPI), May 2022
Inflation rate was 7.2 percent in May 2022
Statistical news from Statistics Sweden 2022-06-14 8.00
The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 7.2 percent in May 2022, up from 6.4 percent in April. On a monthly basis, the inflation rate according to the CPIF rose by 1.0 percent from April to May.
“Increasing food prices strongly contributed to the inflation rate”, says Carl Mårtensson, statistician at Statistics Sweden.
In brief
| Index Numbers |
Monthly changes, percent |
Annual changes, percent |
|
|---|---|---|---|
| CPI (1980=100) | 365.82 | 1.0 | 7.3 |
| CPIF (1987=100) | 239.65 | 1.0 | 7.2 |
| CPIF-XE (1987=100) | 222.10 | 0.9 | 5.4 |
- The highest inflation rate according to the CPIF since December 1991.
- Food prices continued to increase, primarily prices for meat together with milk, cheese and eggs rose.
- The inflation rate according to CPIF excluding energy increased from 4.5 percent in April to 5.4 percent in May.
Increasing food prices
The CPIF rose by 1.0 percent from April to May. In the corresponding period a year ago, the CPIF increased by 0.2 percent.
The monthly change in May was mainly driven by price increases in food and non-alcoholic beverages. Meat together with milk, cheese and eggs where the primarily contributors. However, tomato prices have increased over the past five months but decreased in May. In addition to food prices, electricity and recreation and culture contributed to the monthly increase.
Clothing, furniture as well as restaurants and hotels have increased in price. On the other hand, the diesel price had a decrease. In summary, there have been many products that have contributed to a positive 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 May 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) | 2.0 | 0.3 |
| Meat (01.1.2) | 4.4 | 0.1 |
| Milk, cheese and eggs (01.1.4) | 3.5 | 0.1 |
| Tomatoes (01.1.7) | ‑28.3 | ‑0.1 |
| Clothing (03.1) | 1.9 | 0.1 |
| Electricity (04.5.1) | 4.1 | 0.2 |
| Furniture and furnishings, carpets and other floor coverings (05.1) | 2.6 | 0.1 |
| Diesel (07.2.2) | ‑3.9 | ‑0.1 |
| Recreation and culture (09) | 1.4 | 0.2 |
| Restaurants and hotels (11) | 1.7 | 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.
Prices in restaurants and hotels have often increased in price in May, which it has done every year since 1997. It has usually been a price increase in recreation in culture in May except last year when it decreased in price. There has also been a price increase the last three years for clothes and electricity.
There has often been a smaller price increase for food and non-alcoholic beverages over the last 10 years in May, however, it rose more than usually this year. The price change for furniture and diesel has historically varied in price during May, which is the case for the last three years.
Contributions to the inflation rate in May
The inflation rate according to the CPIF, that is, the change in the CPIF over the past 12-month period, was 7.2 percent in May 2022, up from 6.4 percent in April.
Increased prices for food and non-alcoholic beverages contributed to the inflation rate. The price increase between May 2021 and May 2022 was the biggest annual change in 39 years when it comes to food and non-alcoholic beverages. There were also increased electricity and transport prices. For the transport price, it was fuel and cars that contributed mostly.
Prices have increased for restaurants and hotels, where hotel prices have increased by 28 percent in the past year. Prices also increased for furnishings and household equipment as well as recreational and cultural services and miscellaneous goods and services. Costs of owning the home and rents for rental apartments increased in May 2022.
The inflation rate according to the CPIF excluding energy was 5.4 percent in May, up from 4.5 percent in April.
| Category (Coicop) | Yearly change, percent |
Contribution yearly change CPIF percentage points |
|---|---|---|
| Food and non-alcoholic beverages (01) | 8.8 | 1.2 |
| Housing (0,4) | 8.7 | 2.1 |
| Electricity (04.5.1) | 33.6 | 1.1 |
| Rented and housing co-operative dwellings: rent incl. heating (04.S) | 1.7 | 0.2 |
| Costs of owning the home (04.x) | 8.1 | 0.6 |
| Costs of owning a condominium (04.y) | 7.2 | 0.2 |
| Furnishings and household equipment (05) | 10.3 | 0.7 |
| Transport (07) | 10.7 | 1.5 |
| Motor cars (07.1.1) | 7.2 | 0.3 |
| Fuel (07.2.2) | 41.8 | 1.0 |
| Recreation and culture (09) | 4.1 | 0.5 |
| Catering services (11.1) | 6.6 | 0.4 |
| Accommodation services (11.2) | 27.8 | 0.2 |
| 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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