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Sweden Inflation August 2025

Sweden: CPIF inflation accelerates to 19-month high in August

Latest reading: Consumer prices with a fixed interest rate (CPIF) rose 3.2% in annual terms in August, following a 3.0% increase in the prior month. The reading was the highest since January 2024, and topped the Riksbank’s 2.0% target for the eighth month running.

Relative to the prior month’s data, there were higher price pressures for housing, water, electricity, gas and other fuels (-1.9% yoy vs -3.4% in July) and transportation (-1.4% vs -2.7% in July). In contrast, price pressures reduced for food and non-alcoholic beverages in August (+4.7% vs +5.1% in July).

Meanwhile, core inflation—which excludes energy costs as well as the effect of interest-rate changes—waned to 2.9% (July: 3.2%), surprising markets to the downside but topping the Riksbank’s forecast.

Conversely, consumer prices increased 1.1% on a year-on-year basis in August, following a 0.8% rise in the previous month.

Finally, consumer prices with a fixed interest rate fell 0.25% in August in month-on-month terms, following a 0.28% rise in the previous month.

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