🇸🇪Cable FX Macro Weekly Note: Sweden March CPI

**As Seen in Risk In The Week report 04/07/23, subscribe at cablefxm.co.uk/reports

Headline prices accelerated to 12.0% Y/y in February from the prior 11.7%, this was above the median survey of 11.7% and close to the higher end of the forecasts range. The core metric printed at 9.3% Y/y, this was above economists expectations of 8.7%. On the month, all components posted gains except for housing and utilities, which printed a second straight month of deceleration at -0.5% M/m. Food prices jumped by 2.7% M/m vs the prior 1.8%, the series recorded the fastest monthly pace since July. Analysts at Nordea warned that food prices are likely to increase by around 1.0% in March. On electricity prices, analysts noted there could be surprises as Statistics Sweden adjusted calculations for the March CPI report. Nordea sees headline CPI rising by 11.1% Y/y and 1.02% M/m, they forecast downward contributions from fuel, electricity and airfares.