Inflation in Sweden fell below 10% in May, official statistics show, but was still much higher than expected, and some analysts suggest Beyoncé's concert in Stockholm may have had an impact.
The decrease in electricity and food prices contributed to the decrease in the inflation rate in May, which went to 9.7%, while at the same time the costs of certain goods and services increased. "For example, the costs of visiting hotels and restaurants, recreational services and clothing increased," Statistics Sweden reported.
According to Michael Grahn, chief economist for Sweden at Danske Bank, Beyoncé's concert may explain why the rate was higher than expected. He said the much-hyped concert in May probably had an effect through rising hotel and restaurant prices.
Tens of thousands of fans flocked to Stockholm in mid-May to see the concerts that kicked off her first solo tour in seven years. According to estimates, the crowd at each concert consisted of 46,000 people, and some were forced to stay outside the capital because hotels were booked.
Grahn told the Wall Street Journal that the effect was "very rare" and the situation was expected to return to normal in June.
Sources: Agence France-Presse, Guardian
