STOCKHOLM: Inflation in Sweden continued to grow in April after reaching a 30-year high a month ago, according to Statistics Sweden.

In April, the number increased to 6.4 percent, up from 6.1 percent in March, when it topped the previous high of December 1991.

“(There have been) continued widespread price increases in April, including (for) food, household equipment, restaurant visits and hotels,” Statistics Sweden statistician Mikael Nordin said in a statement.

According to the Swedish government agency, the 12-month CPIF (Consumer Price Index with Fixed Interest Rate) inflation rate was 6.4 percent in April 2022, up from 6.1 percent in March.

Higher energy costs are a major contributor to rising inflation. Furthermore, the agency said that food and non-alcoholic beverage prices continued to grow in April, with dairy goods seeing the largest price increases.

Analysts predicted that inflation would continue to rise at a faster rate than market estimates for a long time, prompting the central bank to accelerate interest rate rises, pushing mortgage rates even higher.

To combat rising inflation, Sweden’s central bank, the Riksbank, raised its benchmark interest rate from zero to 0.25 percent on April 28. This year, the rate is expected to rise to around 2%.

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