Sweden: Inflation falls below 10% in May, analysts suggest Beyonce’s Stockholm concert tipped scales

As the inflation in Sweden fell below 10% in May, which was higher than expected, some analysts have suggested that it was pop-star Beyonce’s concert in Stockholm which tipped the scales. Statistics Sweden has revealed in its official date that the consumer prices increased by 9.7% in May year-on-year down from 10.5% in more than six months.

As per Statistics Sweden, the decrease in electricity and food prices fuelled the lower inflation rate for the month of May. However, the agency also emphasized that simultaneously, the costs of certain goods and services spiked such as hotel and restaurant visits, clothing and recreational activities.




Following the Statistics Sweden publishing its date on June 14, Michael Grahn, chief economist for Sweden at Danske Bank took to social media and suggested that Beyonce’s visit to Stockholm could be behind the rates being higher than expectations. He said, “Beyonce’s start of her world tour in Sweden seems to have coloured May inflation, how much is uncertain”.

Grahn also suggested that Beyonce’s highly-anticipated concert in Stockholm in May “probably” accounted for 0.2 of the 0.3 percentage points to the inflation by hotels and restaurants prices.

Tens of thousands of fans traveled to Stockholm in mid-May to watch Beyonce’s two concerts that also marked the beginning of her first solo tour in seven years. Estimates put the crowd at each concert at 46,000 with some of them forced to stay outside the capital as the hotels were unavailable and fully booked.

As per media reports, numerous Beyonce fans traveled to Sweden to watch the concerts and take advantage of weak currency in the country along with lower ticket prices.

FAQs:

What was Sweden’s inflation rate in May?
As the inflation in Sweden fell below 10% in May, which was higher than expected, some analysts have suggested that it was pop-star Beyonce’s concert in Stockholm which tipped the scales. Statistics Sweden has revealed in its official date that the consumer prices increased by 9.7% in May year-on-year down from 10.5% in more than six months.

How Beyonce’s concert impacted Sweden?
Tens of thousands of fans traveled to Stockholm in mid-May to watch Beyonce’s two concerts that also marked the beginning of her first solo tour in seven years. Estimates put the crowd at each concert at 46,000 with some of them forced to stay outside the capital as the hotels were unavailable and fully booked.