Sweden’s producer prices jump 3.4% monthly, marking biggest rise since March 2022
Key Facts
Statistics Sweden said on October 26 that the producer price index rose 3.4% in September from August 2026, while its annual increase reached 11.2%, compared with 6.8% in August. The monthly rise was the index’s largest since March 2022, while the annual rate was at its highest since January 2023, the agency said. Carl Martensson, a price statistician at Statistics Sweden, said September’s annual rate of increase was the highest since January 2023. These figures correct the initial version of the report: the 3.4% increase was monthly, while the year-on-year change was 11.2%. The index also rose monthly across the domestic, export and import markets in September, after increases in all three markets in August as well.
Energy had a marked effect on the annual figures, with prices of energy-related goods rising 42.1% in September from the same month a year earlier. But the increase was not limited to these goods; the producer price index excluding energy-related goods rose 6.2% year on year. The comparison between the two rates shows the widening gap between energy prices and the index’s other components over the period. In August, the index excluding energy-related goods had risen 3.9% year on year. The rate for this category thus rose to 6.2% in September, alongside a much larger annual increase in prices of energy-related goods.
In the domestic market, electricity trading prices were the biggest contributor to the monthly increase, adding 1.9 percentage points between August and September. Refined petroleum products also contributed to higher domestic prices, adding 1.0 percentage point over the same period. In the import market, crude oil was the biggest contributor, adding 2.5 percentage points to the monthly change. Statistics Sweden said higher electricity trading prices led the increase in the domestic market, followed by the effect of refined petroleum products. In the export market, refined petroleum products were the leading contributor, while crude oil led contributions in the import market.
The Swedish krona weakened in September against major trading currencies, lifting export and import prices when converted into Swedish currency, according to Statistics Sweden data based on exchange rates from the central bank. The krona’s weakest performance was against the Norwegian krone, falling 3.0% between August and September. By product type, consumer goods prices rose 1.0% year on year, while capital goods prices increased 3.1% in September from September a year earlier. These rates put increases in consumer and capital goods prices below the index’s overall annual rate of 11.2%. In another price measure, Swedish inflation under the Consumer Price Index with a fixed interest rate (CPIF) was 1.5% in September, compared with 0.7% in August, while the central bank’s target is 2%.
Sweden’s central bank kept its key interest rate unchanged at 1.75% in its September decision, saying strong economic activity, a weak krona and higher energy prices meant inflation was expected to rise. The bank said supply shocks linked to the war in the Middle East remained in place and global cost pressures were still high. The bank is scheduled to hold its next monetary policy meeting on 3 November 2026 and announce its decision the following day, 4 November. Statistics Sweden set the release of producer and import price data for October for 25 November 2026 at 08:00 local time. This follows September’s monthly increase, the largest since March 2022, and an annual rise that was the highest since January 2023.