Swedish Inflation Confirmed at 7-Month High

Consumer prices in Sweden rose by 0.8% year-on-year in May 2026, confirming initial estimates and rebounding from a 0.1% fall in the previous month. The latest reading also marked the highest inflation rate since October 2025, driven largely by rising energy costs, particularly fuel (26.9% vs. 29.3% in April) and electricity prices (14.9% vs. 4.6%). This, in turn, lifted housing and utility costs (2.6% vs. -0.1%) and transport prices (6.0% vs. 5.2%). In contrast, food prices declined further (-6.2% vs -5.7%), while inflation softened for clothing and footwear (0.7% vs 1.2%). On a monthly basis, consumer prices grew by 1.0%, marking the fastest rise since June 2023, after dropping by 0.6% in the preceding period. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riksbank’s target measure, climbed by 1.5% annually in May, matching preliminary estimates and accelerating from April’s 0.8% rise, which was the softest increase since December 2020.

Consumer prices in Sweden increased 0.8% year-on-year in May 2026, rebounding from a 0.1% decline in the previous month and surpassing market forecasts of a 0.5% increase, according to preliminary estimates. It was the highest inflation rate since October 2025, mainly driven by higher energy and services prices. Transport costs increased at a faster pace (6.0% vs 5.2% in April), amid rising energy prices caused by the Middle East conflict, while housing and utilities rebounded (2.6% vs -0.1%). In contrast, food prices declined further (-6.3% vs -5.7%). On a monthly basis, consumer prices advanced 1.0%, following a 0.6% decline in April, exceeding forecasts of a 0.7% increase and marking the fastest rise since June 2023. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riksbank’s target measure, climbed 1.5% year-on-year in May, above expectations of a 1.3% increase and accelerating from April’s 0.8% rise, which was the softest increase since December 2020.

Consumer prices in Sweden edged down by 0.1% year-on-year in April 2026, confirming preliminary estimates, following a 0.5% rise in March. This was the first decline in consumer prices since April 2020, mainly due to a sharp drop in food prices (-5.7% vs 0% in March). Prices also fell faster for information and communication (-2.1% vs -1.8%), recreation, sport and culture (-2.4% vs -0.6%), and health (-5.3% vs -4.6%), while prices for housing and utilities (-0.1% vs -0.4%) and furnishing, household equipment, and routine household maintenance (-2.0% vs -3.6%) declined at softer rates. Meanwhile, transport costs increased at a faster pace (5.2% vs 3.3%), amid rising energy prices caused by the Middle East conflict. Monthly, the CPI decreased by 0.6%, matching the pace recorded in March. The CPI with a fixed interest rate (CPIF), the Riskbank’s target measure, rose by 0.8% from a year earlier in April, the smallest increase since December 2020, slowing from a 1.6% advance in March.