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Sweden Inflation November 2023

Sweden: CPIF drops to lowest level in two years in November

Consumer price inflation with a fixed interest rate (CPIF) eased to 3.6% in November from October’s 4.2%. November’s figure marked the lowest inflation rate in two years. Looking at the details of the release, prices for housing, water, electricity, gas and other fuels grew at a slower pace in November. In addition, food and non-alcoholic beverage price growth softened. These developments outweighed prices for transportation increasing at a quicker rate.

Consequently, the trend pointed down, with annual average inflation coming in at 6.6% in November (October: 7.1%). Meanwhile, consumer price inflation fell to 5.8% in November, from October’s 6.5%. Similarly, core inflation receded to 5.4% in November (October: 6.1%). The print was the lowest since May 2022 and was below the Riksbank’s expectations.

Finally, consumer prices with a fixed interest rate increased 0.15% from the previous month in November, accelerating from the 0.07% rise recorded in October.

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