Page 19 of 27  Figure 11 International cost of maritime freight (1)  Commodity prices  (dollars per a 20-foot container)  (index 2002-2021 average=100)  4,200  Foods (2)  600  3,500  Iron (3)  Lumber (4)  500  2,800  400  2,100  300  1,400  200  700  100  0  0 15  16  17  18  19  20  21  02  04  06  08  10  12  14  16  18  20  (1) Weekly data from Shanghai Containerized Freight Index that weights the prices of 15 routs from Shanghai, for a 20-foot container. (2) Bloomberg Commodity Spot Index. (3) S&P GSCI Agricultural & LiveStock Index Spot CME. (4) Import spot prices of iron ore on Qingdao Port, China. (5) Prices of lumber futures contracts, in dollars per thousand board feet. Source: Bloomberg. Figure 12 Headline and core inflation (*) (annual variation, percent) CPI  Core CPI  6 5 4 3 2 1 0 15  16  17  18  19  20  21  (*) Core CPI represents 65.1% of the total CPI basket. For details, see Box IV.1 in December 2019 MP Report, and Carlomagno and Sansone (2019). Sources: Central Bank of Chile and National Statistics Institute (INE).
When inflation in Sweden is expected to be below target, the Riksbank conducts expansionary monetary policy. The aim is to push inflation up towards the target. At the same time, output and employment will also rise. But expansionary monetary policy also has other consequences. For example, rising asset prices lead to more uneven wealth distribution. In Sweden, however, this effect is mitigated by the fact that a comparatively large share of the wealth is  7  OECD (2019), Table 9.1, see also OECD (2020). 8 Ylva Hasselberg and I have written about this, see Hasselberg and Ohlsson (2016). 5 [6]  in collective pension funds. In many countries, there are no such funds. This hidden wealth is an aspect to consider when discussing the distributional effects of expansionary monetary policy. References Hasselberg, Y. and Ohlsson, H. (2016), “Collective wealth formation: Conflict and compromise in Sweden, 1950-2000”, in Hudson, P. and Tribe, K., ed., The contradictions of capital in the twenty-first century: The Piketty Opportunity, Agenda Publishing, pp. 109-130. Nilsson, C., Söderberg, J. and Vredin, A. (2014), “The significance of collective pension saving for the Swedish financial system”, Economic Commentaries 2014 (3), Sveriges Riksbank. OECD (2019), Pensions at a glance 2019: OECD and G20 Indicators, OECD Publishing, Paris, https://doi.org/10.1787/b6d3dcfc-en. OECD (2020), Pension Markets in Focus 2020, http://www.oecd.org/finance/pensionmarketsinfocus.htm. Ohlsson, H., Roine, J and Waldenström, D. (2020), “Inherited wealth over the path of development: Sweden, 1810–2016”, Journal of the European Economic Association 18 (3), pp. 1123-1157.