Sweden Suffers Inflation, Blames Beyonce For ‘High Prices’ Over Her Visit To Stockholm

June 15, 2023
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Economists in Sweden have blamed American singer, Beyonce, for the high cost of living in the country after her world tour kickoff in Stockholm.

Sweden Suffers Inflation, Blames Beyonce For 'High Prices' Over Her Visit To Stockholm

According to BBC, Swedish Economists believe that the commencement of Beyoncé’s world tour in Stockholm during May resulted in a significant increase in prices for hotels and restaurants in the area.

In comparison to April’s inflation rate of 10.5 percent, May saw a slight decrease to 9.7 percent. This marked the first time in over six months that inflation fell below the 10 percent mark.

Mikael Nordin, a statistician at Statistics Sweden, stated, “The continued decrease in electricity and food prices contributed to the lower inflation rate in May.”

The agency also noted that certain goods and services experienced a price rise, including hotel and restaurant visits, recreational services, and clothing.

The chief economist for Sweden at Danske Bank, Michael Grahn, stated on social media that Beyoncé’s visit to Stockholm may explain the unexpected rise in prices.

Beyonce’s start of her world tour in Sweden seems to have coloured May inflation, how much is uncertain,” Grahn wrote.

Grahn stated that Beyoncé’s much-hyped concert in May ‘probably’ contributed 0.2 of the 0.3 percentage points added to inflation through increases in hotel and restaurant prices.

He, however, clarified that he would not solely blame Beyoncé for the higher inflation rate, but acknowledged that her performance and the global demand to witness her show in Sweden likely had a minor influence.

I wouldn’t … blame Beyonce for [the] high inflation print, but her performance and global demand to see her perform in Sweden apparently added a little to it,” he wrote in an email to the BBC.

Airbnb reported a surge in searches for accommodations in cities where Beyonce was scheduled to perform. Tickets for her concerts sold out within days, leading to soaring prices on the resale market.

During mid-May, tens of thousands of fans flocked to Stockholm to attend the two concerts that marked Beyoncé’s first solo tour in seven years.

Beyoncé’s highly anticipated tour has generated immense ticket demand in Europe, with the upcoming leg in the United States set to continue the trend.

KanyiDaily recalls that Beyonce recently added four new Grammys to her catalogue, making her the most decorated artist in the award show’s history.

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