Beyoncé has been blamed for Sweden’s inflation rise after the start of her ‘Renaissance’ tour in the country last month.
The megastar’s decision to commence her huge world tour in Sweden created a surge in restaurant and hotel pricing in the area as thousands arrived for the show. Due to this, Sweden reported higher-than-expected inflation of 9.7% in May.
Michael Grahn, the chief economist at Danske Bank, the biggest bank in neighbouring Denmark, told CNN that the inflation increase was “definitely not normal. Stars come here all the time, [but] we seldom see effects like this.”
In an email to BBC, Grahn wrote “I wouldn’t … blame Beyoncé for [the] high inflation print, but her performance and global demand to see her perform in Sweden apparently added a little to it.”
He added that fans traveled to the country for the two sold out ‘Renaissance’ dates due to a “very weak” Swedish currency and concert tickets being relatively cheaper than elsewhere.
Grahn also mentioned that “There are a limited number of hotels and accommodation in the Stockholm area,” adding that hotels further away from the capital had raised prices as a result. He expects the “Beyoncé effect” to be short-lived, with hotel prices dropping over the next month.