“Food prices fell for the second month in a row which contributed to the lower inflation rate” says Frida Stark, statistician at Statistics Sweden.

In brief

• Food prices were 0.8 percent lower in September compared to August.
• Electricity prices increased by 22.5 percent compared to September last year.
• Interest expenses for owned-occupied housing and tenant-owned apartments continued to fall in September.
• Fuel prices were 3.5 percent lower in September than they were last year.

Lower prices for food in September

The total price development from August to September was unchanged at 0.0 percent. In the corresponding period last year, prices increased by 0.2 percent.

Food prices fell by 0.8 percent from August to September, where the prices of fish and vegetables fell the most. It was the first time since March 2024 where prices on food fell two months in a row. In addition, interest expenses for owner-occupied housing continued to decrease, as did car rental.

Prices on clothing increased from August to September, though they did not increase as much as they usually do after the summer. During the same period prices on accommodation services increased.

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 September 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 September

The inflation rate according to the CPI, that is, the change in the CPI from the corresponding month last year, was 0.9 percent in September. This was a decrease from August when the inflation rate was 1.1 percent.

Higher prices on food and non-alcoholic beverages contributed to the inflation rate in September, where prices on, among other things, coffee, butter and dairy products increased. In addition, electricity prices were higher and increased by 22.5 percent compared to September last year. Rents for rental apartments were higher and so were prices on car rental. Prices for restaurant visits and accommodation services also went up.

Lower interest expenses for owner-occupied housing and tenant-owned apartments contributed with -1.8 percentage points to the inflation rate according to the CPI this month as well. The inflation rate was also partly offset by lower fuel prices.

The inflation rate according to the CPIF, which unlike the CPI is not affected by changes in interest rates on household mortgages, was 3.1 percent in September, down from 3.2 percent in August. The inflation rate for CPIF calculated excluding energy (CPIF-XE), was 2.7 percent in September, which can be compared with 2.9 percent in August.

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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