Sweden Inflation


Sweden: Mild inflation observed in September

October 13, 2015

In September, consumer prices fell 0.4% over the previous month. The result was up from the 0.2% decrease recorded in August and also marginally overshot market expectations of a 0.3% increase. According to Statistics Sweden (SCB), higher prices for clothing, as summer sales have ended, and transportation services drove September’s result.

Consumer prices rose on an annual basis in September, climbing 0.1% after falling 0.2% in August. September’s tally marks the first annual increase in prices since May and will be a relief to the Central Bank, which has been combatting falling prices with unconventional policy measures, including negative policy rates and a government bond-buying program. Annual average variation in consumer prices held at minus 0.1% in August for the seventh straight month.

Meanwhile, annual core inflation—defined as the CPI with mortgage rates held constant— was 1.0% in September, which was slightly up from the 0.8% increase tallied in August.

The Central Bank expects inflation to average 0.2% in 2015 and sees it picking up to 2.0% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel sees average inflation at 1.4%, which is also down 0.1 percentage points from last month’s forecast.

Author:, Economist

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Sweden Inflation Chart

Sweden Inflation September 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Sweden (SCB).

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