In Sweden, inflation grew after Beyonce fans filled hotels
Sweden's inflation rose to 8.2% in May compared to the expected 7.8%, according to the Swedish Statistical Office.
Economists suggest this may have been caused by Beyonce's global concert tour. The American superstar attracted more than 80,000 people to her concert in Stockholm, which likely led to an unexpectedly high surge in hotel and leisure prices. Analysts anticipate lower prices in June, but banks continue to raise rates, given Sweden's weak currency and unrestrained inflation.
Lately, the krona has been trading close to historical lows against the Euro, compelling the national bank to maintain a higher benchmark rate than the European Central Bank.