Swedish Inflation Came in Hot. Is Beyonce to Blame?

Inflation in Sweden declined less than expected last month, and some economists are pointing to Beyonce opening her world tour in Stockholm as a reason why.

The annual core measure of inflation fell 0.2% from April to May, less than forecasts from Riksbank, the Swedish central bank, according to statistics published this week. The hospitality and culture sectors -- restaurants, bars, hotels, recreation -- reported a 0.5% rise in prices, contributing to the disappointing reading.

“Beyoncé is responsible for the extra upside surprise this month,” Michael Grahn, chief economist for Sweden with Danske Bank, told the Financial Times.

“It’s quite astonishing for a single event. We haven’t seen this before.”

The pop star kicked off her much-hyped Renaissance Tour on May 10 at Stockholm’s Friends Arena, the largest venue in Scandinavia. More than 90,000 fans packed the stadium over the two-show run, many of whom flew in from the U.S. given that ticket prices were significantly cheaper than for Beyonce’s stateside shows and Sweden’s currency, the krona, is weak against the dollar.

While the inflation blip might be short-lived, several other major artists with global followings are swinging through Sweden in the coming weeks, including The Weeknd and Bruce Springsteen. Taylor Swift, who is personally responsible for billions in consumer spending created by her current tour, has yet to announce European dates.