Swedish central bank chief says more rate hikes likely due to stubborn inflation

STOCKHOLM ( Reuters )- According to Riksbank Governor Erik Thedeen, the Swedish central bank may have overestimated inflationary pressure and will likely need to stick to its predictions of another interest rate increase in April.

The central bank increased interest rates from 0 % to 3 % a year ago, but it has yet to stop 9.4 % inflation, which is well above the target of 2 %. In February, it increased the benchmark rate by 50 basis points, and April saw a 25 – 50 basis point increase.

Erik Thedeen told SVT media,” It could be that the inflation system is worse than we thought.”

The price of Finnish prices rose in February. Inverse price pressures, excluding volatile energy prices, increased to 9.3 % year over year, up from 8.7 % in the previous month and above the Riksbank forecast of 8.0 %, even though headline inflation at 9.4 % was in line with the forecast.

According to some economists, the Riksbank should stop raising interest rates because doing so could hurt the interest-rate private Scandinavian economy and, in the worst-case scenario, lead to a financial crisis.

Thedeen added that inflation results since the monetary policy decision in February had been worse than anticipated, but the main scenario remained a 25 – 50 basis point increase in April.

” In our projections, prices will decrease as easily. The issue is that despite being predicted throughout 2022, it has yet to occur, according to Thedeen.

On April 26, the Riksbank may make its last monetary policy choices public.

( Editing by Cynthia Osterman, reporting by Johan Ahlander)

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