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Macro EconomyMediumUpdated•Originally published 7 September 2026•Updated 8 September 2026•
2 min read

Sweden’s CPIF Inflation Holds at 0.7% in August, Below 1.0% Forecast

Key Facts

1Annual CPIF inflation held at 0.7% in August versus a 1.0% forecast.
2Annual CPI inflation rose to 0.3% from 0.2%, while the index fell 0.3% month on month.
3CPIF-XE inflation eased to 0.5% from 0.6%, with a 0.6% monthly decline.
4The Riksbank's policy rate is 1.75%, with its next decision due on September 24.

Sweden’s annual consumer price inflation at a fixed interest rate, or CPIF, held at 0.7% in August, below economists’ 1.0% forecast, according to Statistics Sweden’s flash estimate. That corrects the characterization of the result as a slowdown: the rate was unchanged from July.

The conventional CPI measure moved differently. Its annual inflation rate rose to 0.3% from 0.2% in July, even as the index fell 0.3% month on month. CPIF also declined 0.3% between July and August, while its annual rate remained at 0.7%.

CPIF-XE, which excludes energy from CPIF, did show easing: its annual rate fell to 0.5% from 0.6%, and the index declined 0.6% over the month. The cooling signal was therefore concentrated in the energy-excluded measure rather than headline CPIF.

The Riksbank uses CPIF as its monetary-policy target variable because it holds household mortgage interest rates constant, whereas conventional CPI reflects changes in those costs. Sweden’s 0.7% reading therefore should not be compared mechanically with every national inflation measure without accounting for methodological differences.

The Riksbank kept its policy rate at 1.75% on August 20, with the decision taking effect on August 26. It said measured inflation remained low but retained the possibility of a rate increase later in the year because underlying inflation could become too high, meaning the August release alone does not settle the next decision.

The August figures remain preliminary, with the regular release scheduled for September 14. The Riksbank’s next meeting is on September 23 and its decision follows on September 24, making any revisions and the composition of inflation important inputs for assessing price risks before the meeting.