7 2. 3 −0. 8 −0. 1 1. 1 1. 6 −0. 5 avc and telecommunications equipment −2. 8 −4. 7 housing ( d ) 3. 0 1. 9 3. 5 2. 9 2. 2 2. 8 0. 7 2. 2 administered prices 4. 4 3. 8 utilities education health other administered 4. 5 5. 1 4. 3 4. 0 4. 2 3. 2 4. 0 3. 6 market services ( e ) 2. 9 2. 0 tobacco 8. 4 13. 9 automotive fuel 3. 3 6. 7 holiday travel and accommodation 2. 2 0. 8 headline cpi ( f ) 2. 5 1. 8 trimmed mean ( f ) 2. 6 1. 8 retail consumer durables ( b ) food ( c ) fruit and vegetables alcoholic drinks non - alcoholic drinks new dwelling purchase rents dwelling maintenance and repair ( a ) adjusted for the tax changes of 1999 - 2000 ( b ) excludes audio, visual and computing equipment ( c ) excludes fruit, vegetables, meals out and takeaway food ( d ) excludes administered prices ( e ) excludes domestic travel and telecommunications equipment and services ( f ) excludes interest charges and indirect deposit and loan facilities sources : abs ; rba http : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 08 - 22. html 4 / 23 22 / 08 / 2018 low inflation | speeches | rba retail one of the factors having a significant impact on inflation outcomes in recent years has been increased competition in the retail sector. prices of many retail items have been steady or falling over recent years. since 2015, retail prices have on average. the price of the typical food basket declined has not increased all that much over the past 10 years, while the prices of consumer durable items such as fridges and furniture ( adjusted for improvements in the quality of the goods ) have not changed noticeably over the past 25 years ( graph 3 ). most notably, the prices of audiovisual equipment have declined by 90 per cent over the past 25 years ( see below ). in the case of consumer durables and audiovisual equipment, technological improvement has clearly been an important factor, but competition in the retail sector has also played a significant role. graph 3 one way of illustrating the effect of competition on retail prices is by examining the changing dynamics of exchange rate pass - through. that is

figure 3 ). figure 3 swedish exports per recipient country percentage of total swedish exports usa uk germany scandinavia bric source : statistics sweden bis central bankers ’ speeches the united kingdom and the united states are also important export markets for sweden. they each account for 7 to 8 per cent of swedish exports. however, their importance has declined over time. statistics from statistics sweden for the first half of 2011 show that swedish exports to china, india and russia are together now as large as exports to the united states. if brazil is included in this group of countries then exports to the so - called bric countries exceed exports to the united states and also those to the united kingdom. the rate of increase in trade with the bric countries has been high recently. while exports to the bric countries have increased by 150 per cent since 2002, exports to the united states have fallen by 17 per cent in the same period. 2 this change in the relative significance of different export markets at the macro level is confirmed by micro data. in the company interviews conducted by the riksbank, the swedish export companies report that sales are falling in parts of europe compared with china and brazil. 3 increased intra - regional trade in asia the increased importance of the bric countries to swedish exports is a natural consequence of the fact that these countries now constitute a larger part of the global economy. the extent to which the slowdown in europe and the united states spreads to the emerging economies in the united states and europe will be a major factor in determining the course of development in the period ahead. one factor that indicates growth could continue to be high in these countries is that intra - regional trade has increased in asia and the continent is therefore less exposed to negative direct and indirect trade effects from countries outside asia. this is illustrated in figures 4 and 5, which show how exports from china and india have developed per trading partner. figure 4 chinese exports percentage of total chinese exports, asean includes india source : national bureau of statistics of china this applies to the value of exports in nominal terms. the riksbank ’ s company interviews, september 2011 bis central bankers ’ speeches figure 5 indian exports percentage of total indian exports, asean includes china source : ministry of commerce and industry, india as the figures show, an increasing proportion of china ’ s and india ’ s exports are going to countries in the rest of asia and exports to the united states have declined in importance. china and india are thus somewhat less sensitive than previously to weaker demand in the european union