Nobel Foundation raises the amount for this year’s Nobel Prize awards to 11 million kronor

STOCKHOLM (AP) — The Nobel Foundation has decided to raise the award amount for this year’s Nobel Prizes by 1 million kronor ($90,000) to 11 million kronor ($986,270) as the Swedish currency has plummeted recently. In a brief statement Friday, the Stockholm-based foundation said it “has chosen to increase the prize amount because it is financially viable to do so.” The rapid depreciation of the Swedish currency has pushed it to its lowest level ever against the euro and the U.S. dollar. Sweden has been struggling with high inflation. It was 7.5% in August, down from 9.3% in July, far from the 2% target set by Sweden’s central bank. This year’s Nobel Prize winners will be announced in early October.