“In February, we can see that the inflation rate according to the CPI was mainly affected by higher prices for electricity and food, but also for restaurant visits. The price increases, on the other hand, were offset by continued low interest costs.” Says Caroline Neander, statistician at Statistic Sweden

In brief

Monthly change since January 2026

• There were higher housing costs in February.
• Prices on package holidays and accommodation services increased in price.
• Clothing prices went up.

12-month change since February 2025

• Increased electricity prices were among the largest contributions to the inflation rate.
• Housing costs increased in February, were electricity prices and rents for rental apartments increases contributed most.
• There were lower price increases for food and non-alcoholic beverages than there have been before.
• Bar and restaurant visits became more expensive.
• Interest expenses continued to offset the inflation rate according to the CPI, but it is slowing down slightly according to the CPI.

Higher housing costs in February

The total price development from January to February was an increase by 0.6 percent. In the corresponding period last year, prices also increased by 0.6 percent.

From January to February, housing costs rose. In addition, the prices of accommodation services, clothing and package holidays increased seasonally. Food and non-alcoholic beverages also went up in price, but not as much as they have done before.

The price increases were offset by a fall in the prices of recreational goods such as games, toys and hobby items.

The table below shows changes on a monthly basis and contributions to the CPI based on the goods and services that had the greatest impact on the CPI in February 2026. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.

Contributions to the inflation rate in February

The inflation rate according to the CPI, that is, the change in the CPI from the corresponding month last year, was 0.5 percent in February. This was unchanged from the previous month.

Electricity prices rose by 18 percent in February, compared to last year. Overall, electricity prices contributed 0.7 percentage points to the inflation rate according to the CPI, which was the main contribution among all goods and services in the CPI basket. Higher electricity prices were a large part of the rise in housing costs, as well as increased rents for rental apartments.

On the other hand, the increased housing costs were offset by continued low interest costs. Overall, interest expenses contributed to reducing the inflation rate according to the CPI by -1.0 percentage point. However, interest rates did not fall as much as they have in the past.

Furthermore, the prices for restaurant visits rose. In addition, the prices of food and non-alcoholic beverages increased, but not as much as before. Meat prices were one of the groceries that went up the most. In addition, prices related to personal care, social protection and miscellaneous goods and services rose.

The price increases were offset by lower prices of information and communication equipment such as home electronics, lower prices of fuels and furniture.

Prices for dental services deviated from previous years and declined, which can mainly be explained by a new subsidy for dental care. More specifically, as of the first of January 2026, the new subsidy applies to people who turn 67 years or older in 2026 and means that they pay 10 percent of the price for certain dental services.

The inflation rate according to the CPIF, which unlike the CPI is not affected by changes in interest rates on household mortgages, was 1.7 percent in February, down from 2.0 percent in January.

The inflation rate for the CPIF calculated excluding energy (CPIF-XE), was 1.4 percent in February, which can be compared with 1.7 percent in January.

Different measures of inflation

Statistics Sweden calculates different inflation measures for different purposes. The CPIF is the Riksbank’s target variable, while CPI is the measure used for purposes of compensation. The CPIF includes the same goods and services as CPI. The difference between the CPI and the CPIF is that the latter measure holds interest rates for household’s mortgages constant. Consequently, the effect of changed interest rates for household’s mortgages is only captured by the CPI and not the CPIF.

Additional to the CPI and the CPIF, the HICP is also calculated. The HICP is a harmonized measure of inflation used within the EU cooperation. Another index that is calculated each month is CPIF-XE (the CPIF excluding energy products) which is often used as a measure of underlying inflation.

Updated classification and reference year for the Swedish CPI

As from January 2026 the Swedish CPI changed reference year, from 1980 to 2020. At the same time the classification was updated from COICOP 1999 to COICOP 2018. More information is available here:

Updated classification and reference year for the Swedish CPI

Statistics Sweden has carried out an analysis of how the rate of change figures are affected by the classification change. The effects are considered to be small. If the classification change would have taken place already last year, the 12-month change in February 2026 for the CPI would have been 0.06 percentage points higher. For the CPIF, CPIF-XE and the HICP, the corresponding calculation shows that the 12-month change in February 2026 would have been 0.04, 0.07 and 0.06 percentage points respectively higher. Statistics Sweden will follow up the effects of the changed classification throughout 2026.

For more methodological information, see:

Impact analysis for COICOP 2018 (Swedish)

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