Beyonce: Economists in Sweden are saying that Beyonce spiked inflation in Sweden in May this year.
An India Today news report says that the famous American singer’s Renaissance tour in Sweden in May this year caused prices to go up significantly.
Her “decision to start her world tour in Stockholm in May led to a surge in local hotel prices, which led to higher-than-expected inflation,” according to a Financial Times Report. This newspaper was quoting economists working at Danske Bank, which is headquartered in Copenhagen.
Sweden’s CPI or Consumer Price Index-linked inflation was 9.7% in May. While hotels and restaurants added 0.03% to this figure, recreation services and goods contributed another 0,02% to the May figure.
Swedish government data indicated that “additional contributions to the positive inflation rate came from clothing, household goods, recreational services, hotel and restaurant visits, as well as miscellaneous goods and services.”
The Financial Times Report noted that Beyonce’s two-day concert attracted her fans to Stockholm from all over the world. Many of these 46,000 fans had to stay in hotels outside the Swedish capital, thereby driving up Sweden’s inflation.
“Beyonce is responsible”
Top Swedish economist Michael Granske said Beyonce “caused a 0.2 percentage point rise in inflation.” He also said, “She is responsible for the extra upside surprise this month. It’s quite astonishing for a single event. We haven’t seen this before.”
First world tour in seven years
Heartthrob for millions, Beyonce is currently on her first world tour in seven years. So far, she has performed in Brussels, Cardiff, Edinburgh, and London.
Beyonce is also scheduled to perform in several cities in Germany, the Netherlands and Poland. In the last leg of her world tour, she will travel to the United States and Canada.
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