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Sweden’s inflation inches lower as price pressures ease in May

Sweden's inflation rate edged lower in May 2025, with preliminary data from Statistics Sweden showing a continued easing of consumer price pressures.

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The Consumer Price Index (CPI) recorded an annual inflation rate of 0.2 percent in May, down from 0.3 percent in April. Monthly inflation remained flat at 0.0 percent from April to May.

Commenting on the latest figures, Caroline Neander, Statistician at Statistics Sweden, said:
'The inflation rate in May is expected to decrease according to CPI while CPIF is expected to be unchanged.'

The Consumer Price Index with fixed interest rate (CPIF), the inflation measure used by the Riksbank as its monetary policy target, remained unchanged at 2.3 percent in May. The monthly change in CPIF was 0.1 percent, suggesting a stabilisation in underlying price trends.

However, the CPIF-XE, which excludes energy prices, reflected a more notable slowdown. The annual inflation rate for CPIF-XE dropped to 2.5 percent, down from 3.1 percent in April. The month-on-month change for CPIF-XE was 0.2 percent.

These flash estimates are released five working days prior to the full monthly inflation report and provide early insights into general price developments. The final, more detailed figures for May will be published on 13 June 2025.

Statistics Sweden noted that only aggregated level data for CPI, CPIF, and CPIF-XE are included in the flash estimates. Detailed breakdowns will follow in the regular publication.

The agency also reiterated the distinction between the different inflation measures. The CPI, Sweden's traditional inflation gauge, reflects the full cost of living, including mortgage interest rate fluctuations. In contrast, the CPIF neutralises this component by holding mortgage interest rates constant, offering a clearer picture for monetary policy decision-making.

For further information, the public and media are encouraged to consult Statistics Sweden's official website or contact press officers directly.

More information:
Statistics Sweden
www.scb.se

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