A banker has held Beyoncé responsible for hindering the expected decrease in Swedish inflation due to a sudden surge in the cost of overnight hotel accommodations in and around Stockholm. The surge occurred as nearly 100,000 fans flocked to attend her two sold-out concerts in the Swedish capital last month.
The concerts, held on May 10 and 11, marked the beginning of the highly anticipated world tour by the renowned singer.
However, the overwhelming demand for tickets to these initial shows was so significant that Sweden’s statistics office reported on Wednesday that core inflation, which excludes changes in energy prices, only decreased by 0.2 percentage points between April and last month, reaching 8.2 per cent.
This drop was much smaller than what economists had anticipated.
Michael Grahn, Danske Bank’s chief economist in Sweden, told the Financial Times: “Beyoncé is responsible for the extra upside surprise this month. It’s quite astonishing for a single event. We haven’t seen this before.”
He approximated that the singer was responsible for a 0.2 percentage point increase.
According to the statistics office, restaurants and hotels accounted for a 0.3 percentage point addition to the May figure, while recreation and culture contributed 0.2 percentage points.
The news of Beyoncé’s return to the stage is abuzz with reports of American fans voyaging all the way to Sweden, enticed by the weak Swedish krona and the substantially cheaper ticket prices compared to their homeland.
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The sheer magnitude of Beyoncé’s fanbase descending upon Stockholm has unexpectedly caused a shortage of available places to stay in the city.
As a consequence, dedicated fans have found themselves grappling with the unenviable task of securing lodging in hotels situated far outside the bustling city centre.
Adding insult to injury, these opportunistic establishments seized the moment, inflating their prices to exorbitant levels, taking advantage of the desperation and scarcity.
The phenomenon surrounding Beyoncé’s tour serves as a testament to her unparalleled popularity and the unwavering loyalty of her fans, who are willing to go to extraordinary lengths to be a part of this experience.
