Economists in Sweden believe that the singer’s
decision to start her world tour in Stockholm in May led to a surge in
local hotel and restaurants prices. Prices rose by 9.7 percent in May
year-on-year, down from 10.5 percent in April, the first time inflation
came in under 10 percent in over six months.'Continued decrease in
electricity and food prices contributed to the lower inflation rate in
May,' Mikael Nordin, statistician at Statistics Sweden, said in a
statement.
At the same time, costs of certain goods and services rose,
'for instance hotel and restaurant visits, recreational services, and
clothing,' the agency said.According to Michael Grahn, chief economist
for Sweden at Danske Bank, a visit by Beyonce to Stockholm could explain
the unexpected rise.'Beyonce's start of her world tour in Sweden seems
to have coloured May inflation, how much is uncertain,' Grahn said in a
post to social media.Grahn added that her much-hyped concert in May
'probably' accounted for 0.2 of the 0.3 percentage points added to
inflation by hotels and restaurant prices.
"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.Searches for accommodations in cities on the tour
shot up after it was announced, Airbnb reported. Tickets for many
concerts sold out within days and prices soared on the resale
market.Tens of thousands of fans flocked to Stockholm in the middle of
May to catch the two concerts that kicked off her first solo tour in
seven years.Inflation peaked in December at 12.3 per cent - a more than
30-year high - then slowed slightly in January to 11.7 per cent, but
unexpectedly spiked back to 12 percent in February. Beyoncé is touring
for the first time in seven years, sparking huge demand for tickets in
Europe and from next month the US
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