Inflation in Sweden? It is also the effect of Beyoncé’s concert for Danske Bank-Corriere.it
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Higher-than-expected inflation in Sweden in May is Beyonc’s fault. This is the conviction of Michael Graham, chief economist of Danske Bank, the largest bank in Denmark, also very present in Sweden. The American singer, winner of 32 Grammy Awards, has in fact opened her Renaissance world tour in Stockholm causing an increase in the prices of hotels and restaurants, stormed by fans. Michael Grahn estimated that extra demand from Beyonc fans was behind two-thirds of the price hikes seen in the hospitality industry in May.
Annual inflation fell to 9.7% in May from 10.5% the previous month, while economists surveyed had forecast a sharper slowdown to 9.4%.The Halo singer responsible, according to some estimates, for a price increase of 0.2 percentage points. Though the price run expected to slow in June past the Beyonc effect, fears that a Bruce Springsteen concert later this month in Gothenburg could have a similar impact.
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