The initiation of Beyonce’s global tour had such a tremendous impact in Sweden that it led to a rise in the inflation rate, as per Danske Bank’s chief economist in the country, Michael Grahn. The concerts held by the renowned superstar in Stockholm last month contributed about 0.2 percentage points to inflation during that period. Tens of thousands of fans not only paid premium prices for concert tickets but also splurged on hotels and restaurants, causing this unprecedented occurrence. This was reported by Politico and mentioned in an interview with Grahn by the Financial Times. The concerts successfully drew fans from across the globe and due to the strength of the US dollar against the Swedish krona, American fans found the tickets to be quite affordable, according to the BBC.
In May, Statistics Sweden reported a year-on-year inflation rate of 8.2%, excluding energy, which slightly surpassed the predictions made by economists, as covered by Bloomberg. Grahn anticipates that this unexpectedly high inflation will normalize in June as prices for hotels and tickets return to their regular rates. On the other hand, Andreas Wallstrom from Swedbank suggests that Bruce Springsteen’s upcoming three concerts in Gothenburg may produce a similar effect, as mentioned in the Financial Times. (Read more Beyonce stories.)
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