33 C
Saturday, July 13, 2024

Beyoncé blamed for surprise rise in Swedish inflation | World News


The singer’s start of a world tour in Sweden in May has sparked demand for hotels and restaurants, which could explain why the country’s inflation rate was higher than expected that month, according to one economist.

UK Thursday 15 June 2023 08:15

Beyoncé’s two concerts in Stockholm last month may have contributed to higher inflation in Sweden, a senior economist said.

The American superstar kicked off her Renaissance world tour in Sweden with two sold-out shows in the Swedish capital on May 10-11.

It appears that demand for hotel rooms and restaurant bookings was so strong that it pushed up official inflation figures.

“Beyoncé starting her world tour in Sweden seems to have weighed on inflation in May,” Michael Grahn, chief economist at Danske Bank Sweden, tweeted.

The exact amount was “uncertain,” he added, but said the concert “likely” added about 0.2 percentage points to the overall 9.7 per cent rise.

That’s two-thirds of the 0.3 percent increase for hotels and restaurants.

Mr Grahn told the FT it was an “amazing” development that Sweden had never experienced before.

Some fans booked hotel rooms 40 miles outside Stockholm, the economist said.

“We expect this upside surprise to reverse in June as hotel and ticket prices return to normal,” he added on Twitter.

This is a limited version of the story, so unfortunately this content is not available.

open full version

read more world news:
Concert smash victim’s family feels ‘greed’ played role in ‘stampede’
Highway to ‘Hel’ banned after religious groups object to ‘Satan’ 666 bus route

Visit Stockholm attributes high levels of tourism and nearly full hotels to the “Beyoncé effect”.

In an email to The Washington Post last month, it said tourists from the United States, Germany and the United Kingdom booked the most in the city.

According to Forbes magazine, the tour’s revenue could exceed $2bn (£1.6bn), although it admits the figure is based on “the most optimistic assumptions”.

Beyoncé traveled from Stockholm to Brussels last month before heading to the UK, where she performed in Cardiff, Edinburgh and Sunderland before playing five dates at London’s Tottenham Hotspur Stadium.


Source link

Related Articles

Chinese and Indian Stocks Favored Over Japan in Second Half of the Year

Chinese and India, as the world’s two most populous countries, present vast opportunities for growth and investment. In the second half of the year, investors...

Dubai-Based Pakistani Designer Shines at Ambani Wedding, Glamour Unleashed

Dubai-based Pakistani designer's triumph at the Ambani wedding represents a significant milestone in their career and a proud moment for the South Asian fashion...

Ajman Department of Finance Engages Globally at 30th Annual Reserve Management Seminar

Ajman Department of Finance Participates in the 30th Annual Reserve Management Seminar Ajman, 4 July 2024: The Ajman Department of Finance, represented by Jassim Bu...

Labour Party Wins Big in UK Election, Keir Starmer Set to Be Prime Minister

Labour's historic win in the recent UK elections has marked a significant shift in the political landscape of the country, with Keir Starmer poised...

UAE President Conveys Condolences to India PM on Stampede Tragedy

UAE's gesture of condolences from President Sheikh Khalifa bin Zayed Al Nahyan to Prime Minister Narendra Modi exemplifies this spirit of empathy and unity,...

Latest Articles