Sweden Consumer Prices Fall for 1st Time in 6 Years

Consumer prices in Sweden edged down by 0.1% year-on-year in April 2026, missing market forecasts of a 0.3% rise and slipping from a slightly downwardly revised 0.5% gain in the previous month, according to preliminary estimates. The latest figure also marked the first month of decline since April 2020. “In the preliminary calculations, we can see that food prices fell by 5.5% from March to April,” said Sofie Öhman, price statistician at Statistics Sweden. On a monthly basis, consumer prices dropped by 0.6%, exceeding forecasts of a 0.2% fall and the same pace as in the preceding period. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riskbank’s target measure, rose by 0.8% year-on-year in April, the softest increase since December 2020, below expectations of a 1.2% gain and slowing from March’s 1.6% rise.

The annual inflation rate in Sweden rose to 0.6% in March 2026 from 0.5% in the previous month, matching initial estimates. This marked the highest reading in five months, largely driven by a 16.3% surge in fuel prices (vs -8.7% in February), the sharpest rise since December 2022. Among fuel products, diesel and gasoline led the increase, driving transport costs up by 3.3% (vs -1.2%). Inflation also continued to increase for education (3.2% vs 3.5%), restaurants and accommodation (3.3% vs 3.8%), and insurance and financial services (3.4% vs 3.5%). Conversely, costs declined for furnishings, household equipment and maintenance (-3.6% vs -3.2%), health (-4.6%), and housing and utilities (-0.4% vs 0.8%), though rents in rental apartments remained elevated (4% vs 3.8%). On a monthly basis, consumer prices dropped by 0.6% in March, reversing a 0.6% gain in the preceding month. Meanwhile, the CPIF, the Riksbank’s target measure, increased 1.6% annually, and decreased by 0.6% monthly.

The annual inflation rate in Sweden edged up to 0.6% in March 2026 from 0.5% in February, according to preliminary estimates. This remains the highest reading since October 2025. “Preliminary figures show that the inflation rate according to the CPI rose slightly in March, where transport costs increased and housing cost fell”, says Caroline Neander, statistician at Statistics Sweden. On a monthly basis, consumer prices decreased by 0.6%, the first decline in four months, reversing a 0.6% rise in February. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riskbank’s target measure, increased by 1.6% year-on-year in March, easing slightly from a 1.7% rise in the previous month and marking the lowest level since December 2024.