“Interest expenses contributed to a lower inflation rate in November” says Frida Stark, statistician at Statistics Sweden.

In brief

Monthly change since October 2025

• Prices on electricity increased from October to November.
• Prices for package holidays were lower in November compared to October.
• Interest expenses fell in November compared to the previous month.

Annual change since November 2024

• Prices for food and non-alcoholic beverages were 3.1 percent higher in November 2025 compared to the same month a year ago.
• Interest expenses for owned-occupied housing and tenant-owned apartments contributed with -1.6 percentage points to the inflation rate according to the CPI in November. 

Higher prices on electricity and fuels in November

The total price development from October to November was a decrease by 0.4 percent. In the corresponding period last year, prices increased by 0.3 percent.

Prices on electricity increased from October to November. Fuel prices also increased, where diesel rose the most. At the same time, prices on package holidays fell as well as the interest rates for owned-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 November 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 November

The inflation rate according to the CPI, that is, the change in the CPI from the corresponding month last year, was 0.3 percent in November. This was a decrease from October when the inflation rate was 0.9 percent.

Prices for food and non-alcoholic beverages rose compared to November last year where coffee, tea and cocoa along with sweets and confectionary* increased the most. Electricity prices also increased as well as prices for restaurant visits and accommodation services. Moreover, rents for rental apartments were higher in November compared to November a year ago.

Like previous months the inflation rate were counteracted by lower costs for interest expenses for both owner-occupied housing and tenant-owned apartments where they both contributed by a 1.6 percentage point decrease to the inflation rate according to the CPI. In addition, fuel prices also fell where the price for gasoline fell the most. There were also lower prices on home electronics**.

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 November, down from 3.1 percent in October. The inflation rate for the CPIF calculated excluding energy (CPIF-XE), was 2.4 percent in November, which can be compared with 2.8 percent in October.

*Sweets and confectionary - Sugar, jam, honey, chocolate and confectionary, according to COICOP-standard

**Home electronics - Audio-visual, photographic and information processing equipment, according to COICOP-standard

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 will change reference year, from 1980 to 2020. At the same time the classification will be updated from COICOP 1999 to COICOP 2018. More information is available here:

Updated classification and reference year for the Swedish CPI

CPI flash estimate: a preliminary indicator

The CPI flash estimate is a preliminary indicator for the aggregated inflation that is published five working days before the regular publication of the Consumer Price Index (CPI). Sometimes the CPI flash estimate can deviate from the regular CPI. For more information, please see:

Information about the CPI flash estimate

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