Producer price inflation in Sweden accelerated further in April to its highest level in more than three years, driven by soaring energy costs, data from Statistics Sweden showed on Tuesday.
The producer price index rose 4.7% year-on-year in April, up from a 2% increase in March. It marked the strongest annual increase since February 2023, when producer prices climbed 9.3%.
“Increased prices for crude oil contributed to several other product groups and is an important factor why producer prices have the highest annual rate since February 2023,” Statistics Sweden statistician Chatrine Lundbeck said.
Prices for energy-related products surged 27.0% from a year earlier, while prices for capital goods rose just 0.6%. Consumer goods prices, meanwhile, fell 3.2%.
Excluding energy-related products, producer price inflation stood at 1.4%.
On a monthly basis, producer prices increased 1.1% in April, following a 0.6% rise in March.
Separate data showed that the import price index climbed 9% year-on-year in April, while export prices increased 4%. Statistics Sweden said higher crude oil prices were the main driver of the increase in import prices.
