Sweden Consumer Price Index with Fixed Interest Rate (CPIF) y/y
The most popular index for evaluating Swedish inflation is the Consumer Price Index (CPI). The CPI is a time-series measure of fluctuations in prices for goods and services purchased by households nationwide. Another inflation related index is the Consumer Price Index with Fixed Interest Rate (CPIF) y/y. CPIF is calculated monthly based on the same data that is used for the main CPI calculation. However, the direct impact of changes in the monetary policy is excluded from the calculation. It is believed that the Riksbank's monetary policy affects the CPI through changes in mortgage rates. However, these changes are not connected with the underlying inflationary pressure. The index shows the change in the current month compared to the same month of the previous year.
The disadvantage of the main CPI is the direct impact of monetary policy changes introduced by the country's central bank. Such changes affect mortgage rates and have a significant and direct impact on the CPI. However, these changes are not connected with the underlying inflationary pressure.
Starting with 2017, Riksbank uses the CPIF as a target variable for the inflation target, as this index provides a more accurate reflection of the main inflationary trends. The index growth can be seen as positive for the Swedish krona.
The chart of the entire available history of the "Sweden Consumer Price Index with Fixed Interest Rate (CPIF) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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