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Sweden's inflation slowed to the lowest level in fifteen months in July, figures from Statistics Sweden showed on Wednesday.

The consumer price index climbed 1.7 percent year-on-year in July, following a 1.8 percent rise June. Economists had expected a 1.5 percent rise.

This was the lowest since April 2018, when inflation was 1.7 percent.

Similarly, inflation based on the consumer price index with a fixed interest rate, or CPIF, advanced slowed to 1.5 percent from 1.7 percent in June.

On a monthly basis, consumer prices rose 0.4 percent in July, after a 1.0 percent fall in the previous month.

Prices of package holidays surged 25.6 percent and food prices rose 2 percent. Clothing and footwear prices decreased 6.5 percent.

Data showed that the harmonized index of consumer prices climbed 1.5 percent annually, following a 1.6 percent rise in June. Month-on-month, the HICP rose 0.5 percent.