• Electricity prices have increased by 10.3 percent compared to May 2024.
• Fuel prices decreased for the fourth month in a row and have fallen by 15.6 percent since May last year.
• Prices for food and alcoholic beverage was 5.2 percent higher than 12 months ago.
• Accommodation services increased with 13.4 percent from April to May, which can be explained by higher hotel room prices.
• Interest expenses contributed to a lower inflation rate.

Higer prices for accommodation services in May

The total price development from April to May was an increase by 0.1 percent. In the corresponding period last year, prices increased by 0.2 percent.

Clothing, accommodation services and package holidays had price increases in May, which is normal for the season. In accommodation services, costs for hotel rooms increased, where weekday overnight stays contributed the most.

The price increases in May were offset by lower prices in fuels and car rental. There were also decreasing depreciation costs in owner occupied housing*, which can be explained by higher ROT tax deduction.

* Regular maintenance and repair of the dwelling cover a large part for depreciation in owner occupied housing,

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 May 2025. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.

Contributions to the inflation rate in May

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 0.2 percent in May 2025. This is a decrease from April, when the inflation rate was 0.3 percent.

There were higher prices for food and non-alcoholic beverages compared to 12 months ago, where coffee, chocolate and dairy products had a major impact on the inflation rate. During the same period, there was also a price increase in catering services.

Rents for rental apartments and prices for accommodation services rose from May 2024 to May 2025. There were also price increases for miscellaneous goods and services, where personal care contributed the most.

The price increases were offset by lower interest expenses in tenant-owned apartments and owner-occupied housing. There were also declining depreciation costs in owner occupied housing, which can be explained by higher ROT tax deduction.

The inflation rate according to the CPIF, which unlike the CPI is not affected by changes in interest rates on household mortgages, was 2.3 percent in May, which it also was in April.

The inflation rate according to CPIF calculated excluding energy products (CPIF-XE) was 2.5 percent in May which was a decrease from April when it was 3.1 percent.

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.