Sweden has been hit by the highest inflation in more than 30 years and poised for recession as there are visible signs of poverty mounting amid rising inequality.
AFP reports that Sweden has been hit hard by the effects of the war in Ukraine.
Its currency, the krona, is weaker than it has ever been against the euro, and aggressive interest rate hikes have left many households with hefty mortgage payments.
Long stable and prosperous, Sweden’s economy is now one of the worst performers in Europe.
Inflation has hovered stubbornly around 12 percent since November, according to official statistics on Wednesday.
“The first wave of inflation was just energy prices and some import prices. But now it has spread to the entire economy,” said Annika Alexius, a Stockholm University economist.
AFP
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