Irish Examiner view: Beyonconomics

Inflation in Sweden

One economist blamed a recent Beyonce concert in Stockholm for the increase in rate of inflation. Picture: Mason Poole/Invision for Parkwood Entertainment/AP Images

Practitioners of the dismal science, to give economics its traditional name, have been defying stereotypes recently in Sweden.

When considering the reasons for a recent increase in the rate of inflation, one economist came up with a reason for that increase which went far beyond international trade or the European Central Bank. He blamed the recent Beyonce concert in Stockholm.

According to the chief economist for Sweden at Danske Bank the May concert — which began the singer’s hugely-anticipated world tour — “probably” accounted for 0.2 of the 0.3 percentage points added to inflation by hotel and restaurant prices in Stockholm as a consequence of the crowds in attendance — over 45,000 people went to each of the two concerts.

With Bruce Springsteen due to play three concerts in the Gothenburg later this month another economist has predicted a similar spike inflation as a consequence.

If Irish economists start casting around to determine the effect of the recent Harry Styles concert in Slane on Irish inflation, for instance, they have a credible template to follow, but with one major caveat: they should work on coming up with a snappy term for the phenomenon.

In that regard their Swedish counterparts failed miserably to nudge a little closer to the Nobel Prize with the right title. To make matters worse, Beyonconomics was right there. They just had to say her name.