Why Sweden is blaming Beyoncé for its high inflation

Swedish economists are pointing fingers at none other than pop superstar Beyoncé for causing a spike in local hotel prices and subsequently driving up inflation in the country. The economists at Danske Bank have identified Beyoncé's decision to kick off her highly anticipated world tour in Stockholm as the catalyst behind the unexpected surge in prices.

The opening two sold-out concerts of Beyoncé's Renaissance tour drew thousands of fans from all corners of the globe to Stockholm. Many attendees faced the challenge of finding accommodation outside the city, leading to a noticeable increase in hotel prices. The demand for lodging reportedly far exceeded the available supply, resulting in significantly elevated prices.

Michael Grahn, the chief economist at Danske Bank in Sweden, estimated that Beyoncé's concerts were responsible for a staggering 0.2 percentage points increase in inflation, as reported by the Financial Times. Grahn expressed his astonishment at the substantial impact of a single event, highlighting that such a phenomenon had never been witnessed before.

While economists expect the effects of this inflation surge to subside in the coming months, some experts are expressing concerns about the potential impact of future concerts in Sweden.