Beyoncé’s first solo tour after seven years as part of the Renaissance World Tour is cited as the reason for the higher-than-expected increase in Sweden’s inflation. Swedish economists state that the Beyoncé concert in the capital Stockholm caused inflation to increase. Economists, who stated that the fall in electricity and food prices contributed to the decrease in the inflation rate in May, say that the increase in the costs of some goods and services such as accommodation, food and beverage, entertainment services and clothing triggered inflation.
Inflation, which reached its highest level in 30 years with 12.3 percent in December, started to decline with the start of the new year. The Consumer Price Index (CPI), which was 10.5 percent in April, declined to 9.7 percent in May, falling below 10 percent. Economists say that the fall in electricity and food prices contributed to lower inflation, but the increase in the costs of some goods and services, such as accommodation, food and beverage, entertainment services and clothing, led to higher-than-expected inflation.
Michael Grahn, chief economist of Danske Bank Sweden, said that Beyoncé’s concert in Stockholm caused the inflation rate to be higher than expected. Sharing on social media, Grahn stated that the concert had an impact on the CPI figures between 0.2 and 0.3 percent.
The Swedish Central Bank, like the United States and similar countries in Europe, increased interest rates to control inflation. At the end of April, the Riksbank had increased interest rates to 3.5 percent. It is reported that an increase of 25 basis points in June or September is almost certain.
