Financial Crime World

Sweden’s Compliance Monitoring Report Highlights Progress and Challenges in Statistics Sweden’s HICP Collection

Introduction

A recent follow-up report by Eurostat has highlighted both progress and challenges in Statistics Sweden’s implementation of European Commission recommendations for improving the quality of its Harmonised Index of Consumer Prices (HICP).

Progress Made

  • Statistics Sweden has fully addressed the compliance issue related to excluding income in kind from HICP weights. The Swedish HICP now excludes such income and consumption of own products.
  • The agency has replaced its monthly chaining and replenishment method with explicit quality adjustments in the compilation of price indices for mobile telephone equipment and computers.

Challenges Remaining

  • Eurostat’s recommendations for improving the quality of the Swedish HICP have been only partially implemented. One recommendation that remains outstanding is the inclusion of cross-border internet purchases, which Statistics Sweden plans to implement by 2026.
  • Other areas where progress has been limited include:
    • Replacing weights data sources for clothing and footwear
    • Furniture and household appliances
    • Separating out the weight component of water supply from actual rentals
    • Reassessing the weight associated with fees and service charges of brokers and investment counsellors

Recommendations

  • Eurostat urges Statistics Sweden to continue implementing improvement measures, particularly those related to:
    • Cross-border internet purchases
    • Weight associated with clothing and footwear, furniture, fees and service charges of brokers and investment counsellors, and insurance
  • The agency also recommends close collaboration between price statisticians and national accountants to address outstanding recommendations.

Conclusion

Despite the challenges remaining, the report highlights several positive developments. To ensure continued improvement, Eurostat encourages Statistics Sweden to prioritize the implementation of these recommendations.

Full Report Available

The full report is available on Eurostat’s website.