Producer price inflation in Sweden increased further in May to the highest level in more than three years amid soaring energy costs, data from Statistics Sweden showed on Friday.
The producer price index climbed 6.6% year-on-year in May, faster than the 4.7% increase in April. Moreover, this was the fastest growth since February 2023, when prices rose 9.3%.
A 32.7% surge in prices for energy-related products largely drove the acceleration in May. Costs for capital goods rose 1.4%, while those for consumer goods declined by 2.7%.
Excluding energy-related products, produce price inflation was 2.7%.
The producer price index for home sales climbed 7.8% in May from last year. Both import and export prices rose by 9.5% and 5.4%, respectively.
"The main driver behind the price increase in the domestic market in May came from higher prices for trade services for electricity," Maria Backstrom, a statistician at Statistics Sweden, said.
On a monthly basis, producer prices moved up 1.3% after rising 1.1% in April.
