off-the-wire

UPDATE 1-Swedish c.bank's Floden says inflation still far too high

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds quote, detail) OSLO, March 16 (Reuters) - Inflation in Sweden is far too high, and the rise in prices as well as recent problems in some international banks add to economic uncertainty, central bank Deputy Governor Martin Floden said on Thursday in a speech published on the bank's website. "Inflation is far too high and the inflation outcome for February was not at all good," Floden said.


Swedish underlying inflation, stripping out volatile energy prices,


jumped to 9.3% year-on-year in February from 8.7% in the previous month, the fastest pace since July 1991 and well ahead of the Rikbank's forecast of 8.0%.


"Prior to our next monetary policy meeting at the end of April we will receive further information that may affect the prospects for inflation and the shaping of monetary policy," Floden said.


"We will return to exactly what this means in terms of interest rate increases and monetary policy in our decision at the end of April. But we will do what is necessary to restore inflation to a low and stable level within a reasonable time."
(Reporting by Terje Solsvik, editing by Anna Ringstrom)

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