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Sweden's Central Bank hikes interest rates to 4% in 8th consecutive move
Posted on September 22, 2023 |
Sweden's central bank implemented its 8th consecutive interest rate hike, reaching 4%, in response to persistent high inflation.
This increase aligns with the forecasts of analysts surveyed by Reuters.
August saw a slowdown in Sweden's headline inflation, excluding energy, dropping to 7.2% from July's 8%.
Elevated service prices and a weakened krona are driving inflation and raising concerns about its prompt stabilization.
Following the policy rate announcement, the krona strengthened against the U.S. dollar, climbing from 11.1588 to 11.1720.
Nonetheless, Sweden continues to grapple with a feeble currency and challenges in the housing market, stemming from unexpected and forceful interest rate hikes initiated since May 2022.