**As seen in Risk In The Week report 04/05/24, subscribe at cablefxm.co.uk/reports
Swedish February headline consumer prices slowed to 4.5% Y/y from the prior 5.4%, this was below the consensus median of 4.7%. CPIF ex-energy rose by 3.5% Y/y, below the estimate of 3.6%. On the month, food prices eased to 0.1% from the prior 0.3, clothing rebounded to 3.0% after a fall of 7.6%, housing and utilities contracted for the first time since July at 1.0%, and restaurant prices rebounded to 0.7%. Economists at SEB said that monthly CPIF ex-energy prints have been recorded in line with the target over the last six months, they expect the metric to be 0.2pp below the Riksbank's forecast in March. SEB's projection falls on a decline in food prices. While services inflation remains sticky, SEB noted that the NIER survey implies price pressures easing somewhat in the sector but they warned that rents inflation is likely to keep upward price pressures into 2025. The desk expects March CPIF ex-energy to rise to 3.1% Y/y, and CPIF at 2.5% Y/y.
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