AGENCIES

June 25: American singer Beyoncé has won a record number of Grammy Awards in her career. She is one of the best-selling singers in the world. Beyoncé has achieved many successes and achievements in the music world. Now something new has been associated with her name.

According to an economic expert, Beyoncé is the reason why inflation is so high in Sweden. Compared to April, Sweden's annual inflation rate decreased from 8.4 percent to 8.2 percent in May, according to government data. This decrease is much less than what economists had estimated.

Economists expected inflation to drop to 7.8 percent in May. Michael Grahn, chief economist for Sweden at Danske Bank, says Beyoncé, is one of the reasons why inflation has not come down to expected levels.

Beyoncé's world tour began in Stockholm on May 10 and 11. People from America and all over the world came to Sweden to watch the tour. Prices in hotels and accommodation increased by 8.7 percent in May compared to the previous month. Beyoncé's concerts in the US were expensive, so there were reports that fans went to Europe.

As it became cheaper to go to Europe to see the concert, the arrival of Beyoncé's fans increased rapidly in May. In other countries, there was no problem in making arrangements for the sudden arrival of tourists. It was difficult for Sweden. Everything from concerts was cheap for foreigners spending dollars.

Not all economists are ready to believe that Beyoncé caused the inflation.

Markus Wieden, an economist at the Nordic cooperative bank under the SEB Group, said hotel stays became more expensive across the country in May. Like other European countries, Sweden has been experiencing high prices ever since the wholesale energy market collapsed due to the Russia-Ukraine war. Due to its effect, inflation might have decreased by a little less than expected.