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Accelerating Inflation Deepens Gloom Among Swedish Consumers

Shoppers on Kungsgatan street, in Gothenburg, Sweden.

Shoppers on Kungsgatan street, in Gothenburg, Sweden.

Photographer: Nora Lorek/Bloomberg

Swedish consumers are growing more and more pessimistic about their economic prospects as surging prices push confidence to a record low in July.

The consumer-confidence index of the National Institute for Economic Research plunged to 54.1 this month from 66.5 in June. Households are tightening their purse strings as inflation has accelerated to a three-decade high. They now estimate that the pace of price increases has almost doubled since the beginning of the year.