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More proof that Queen Bey may be running the global economy sidled in on Wednesday.
The U.K. reported consumer prices stuck at 8.7% year-over-year in May, against expectations for a drop to 8.4%, which may trigger a half-point interest rate hike from the Bank of England on Thursday. Among the biggest drivers were air travel, recreational and cultural goods and services, said the Office for National Statistics.
Last month, Sweden also saw some disappointing inflation figures, with economists blaming a Beyoncé concert in Stockholm as a “one-off” for driving up similar costs in the country that is facing a sharp recession, partly as a once-hot housing market continues to slump.
While Sweden had just one concert to blame, a check of her schedule showed she held eight shows for her wildly popular Renaissance tour across the U.K. from the 17th of May to the 4th of June. That means maybe even a little lingering Beyoncé bump for next month too.
Sandra Horsfield, economist at Investec, said that jump in cultural services was attributed by the ONS to higher admissions fees for live music events, with live music events in any month possibly having a short-term effect.
Oh don’t just blame Sasha Fierce. “Last week Sweden blamed the ‘ Beyoncé ‘ effect for a surprise rise in their own headline inflation rates, and the same thing appears to have happened here in the U.K. with tickets going on sale for live performances to see Taylor Swift and Beyoncé , during the month of May,” added Michael Hewson, chief market analyst at CMC Markets UK, in a note.
So Taylor Swift, and oh wait, there were also those other royals.
“Restaurants and hotels also saw a lift during May, and this could have been down to the Coronation and the two bank holidays which provided a lift to that sector,” said Hewson.
So where might the Beyoncé effect show up next? Queen Bey is all over Europe in June — Spain, France, Germany, Holland. After that she’s got a couple of Canada dates and then look out Jerome Powell, as she embarks on a mid-July to end-September marathon of concert dates in cities from coast to coast.
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