Sweden inflation rate (CPI)

What this value means

June 2026 KPI inflation 0.7% year-on-year, down from 0.8% in May 2026; month-on-month +0.4%. This is the DEFINITIVE figure (released 15 July 2026), and the Snabb-KPI flash estimate for June also read 0.7%, so it is stable. It is the latest available period — July 2026 data is not published as of the confirmation date. KPI vs KPIF vs KPIF-XE — THE MOST IMPORTANT DISTINCTION FOR SWEDEN, AND THE ONE MOST OFTEN GOT WRONG. Three different headline rates were published for June 2026: KPI 0.7%, KPIF (KPI med fast ränta) 1.3% (down from 1.5% in May), and KPIF-XE (KPIF excluding energy) 0.4% (down from 0.5%). THE RIKSBANK'S 2% TARGET IS DEFINED ON KPIF, NOT KPI. If the question is 'is Sweden at target?', the answer must use KPIF; this series serves the national headline KPI, which is what Swedish index-linked contracts, rents and statutory revaluations reference. The gap is structural, not noise: KPI includes the direct effect of changes in mortgage interest costs for owner-occupiers, while KPIF holds mortgage rates constant. The Riksbank's 2024-25 easing cycle (policy rate 4.00% to 1.75%) pushed mortgage costs down, which is why KPI has run well BELOW KPIF throughout 2026 — the opposite of the pattern in 2022-23, when rising rates pushed KPI far above KPIF. Sweden additionally publishes an EU-harmonised HICP, different again from both; Eurostat and cross-country comparisons use that, and it is not served here. APRIL 2026 IS A TAX-DISTORTED PRINT AND MUST BE HANDLED WITH CARE. KPI went NEGATIVE at −0.1% y/y in April 2026 (−0.6% m/m), with food and non-alcoholic beverages down 5.5% m/m and 5.7% y/y. That is the same month in which VAT on foodstuffs was cut by statute from 12% to 6%, effective 1 April 2026 (prop. 2025/26:55; see the vat series in this file). SCB's April release describes the food-price fall as 'en bred nedgång på matpriserna' WITHOUT attributing it to the VAT change, so this file does not put SCB's name to that attribution — but any consumer modelling Swedish inflation must know that the y/y window from April 2026 to March 2027 contains a one-off legislated indirect-tax level shift, that it mechanically drops out of the y/y comparison from April 2027, and that it reverses when the reduced rate expires on 31 December 2027 (a mechanical y/y BOOST in 2028). Treating April 2026 as evidence of demand-driven disinflation would be an analytical error. INDEX REBASING FROM JANUARY 2026. Both the February and March 2026 SCB releases state that KPI is now published on a 2020=100 base, replacing the long-standing 1980=100 base, with effect from January 2026. Reported index levels: 125.37 (Feb), 124.58 (Mar), 125.56 (Jun). Index LEVELS from before 2026 on the old base are not directly comparable; the year-on-year RATES served in this file are unaffected. This base change was read from the release text and not cross-checked against a separate SCB methodology note. PUBLICATION CADENCE AND A REAL REVISION RISK: SCB publishes a Snabb-KPI flash estimate shortly after month-end and the definitive figure around the 15th of the following month. THEY DO DIVERGE FOR SWEDEN — the March 2026 flash read 0.6% while the definitive read 0.5%. Always take the definitive series; a fleet that ingests Snabb-KPI will carry wrong values for two weeks a month. June 2026 drivers per SCB: the m/m rise came from seasonal package-tour price increases, partly offset by falling fuel prices and summer clothing campaigns; the y/y rate was driven by energy prices and package tours. In May 2026 fuel prices had been the single largest y/y contributor.

Earlier values

Get it programmatically

curl https://euroref.dev/v1/se/cpi
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History:    curl https://euroref.dev/v1/se/cpi/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/se/cpi

Other Sweden series: policy interest rate · VAT rate · minimum wage · public holidays · corporate tax rate · income tax rates · official exchange rates