Inflation in Sweden has just hit its highest level since 1991

Inflation in Sweden elevated final month to its highest degree since 1991, officers stated on Thursday, as nations worldwide grapple with surging costs exacerbated by Russia’s warfare in Ukraine.

The patron value index rose 6.4% in April from a 12 months in the past and was up from 6.1% in March, based on official figures from Statistics Sweden.

There was a “continued widespread value improve in April, together with meals, family tools, restaurant visits and motels,” statistician Mikael Nordin stated.

Excessive power costs additionally had been fueling inflation, a key think about the remainder of Europe and different components of the world amid fears that the warfare might result in an interruption of oil or pure gasoline provides from Russia.

Statistics Sweden stated meals costs elevated, with meat and greens being “the first contributors” for the hike. Clothes and books noticed seasonal value will increase, whereas furnishing and family tools costs “have now risen for six consecutive months.”

Costs additionally elevated for house repairs and upkeep, transportation and different items and providers, the company stated.

Sweden, a member of the European Union, shouldn’t be among the many 19 nations that use the euro foreign money. Annual inflation within the eurozone hit a record-high 7.5% final month.

The US noticed client costs bounce 8.3% final month from a 12 months in the past, remaining near a four-decade excessive.