SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Inflation Rate - KPIF in Sweden 1.1% in September

The underlying inflation rate KPIF has been gradually decreasing and is in a clear downward trend.

» Updated: 16 October 2024, 16:50

» Published: 15 October 2024

Inflation Rate - KPIF in Sweden 1.1% in September
Photo: Riksbanken

The latest KPIF rate for September 2024 was 1.1%, which is the lowest inflation month of 2024. Compared to previous months in 2024, inflation has gradually decreased from 3.3% in January to 1.1% in September. This shows a continued decline in the inflation rate throughout the year.

Comparison September 2024 vs 2023

Compared to the same month last year, the KPIF rate has dropped by nearly 3 percentage points over the past 12 months. In September 2023, the KPIF rate stood at 4.0%, significantly higher than the current level. Moreover, inflation continued to decline throughout the final months of 2023.

Average KPIF rate year by year

The average inflation rate for the entire 2023 was approximately 5.7% (calculated as the average of all available months) compared to 2.0% so far this year.

What is KPIF and KPI?

  • The Consumer Price Index "Konsumentprisindex" (KPI) is the most widely used price index in Sweden, and shows how the price of a standardized basket of goods and services changes over time, providing an indication of the inflation rate.
  • KPIF: Unlike KPI, KPIF excludes the effects of changes in housing loans. This makes KPIF a more useful tool for monetary policy decisions, as it provides a picture of inflation independent of interest rate changes in the housing market. [1]

Impact on Mortgage Rates

Currently, the Swedish Central Banks interest rate is 3.25% and was last changed October 2. Inflation figures and interest rates in Sweden directly affect mortgage rates, albeit with some delay. The Swedish Central bank has communicated in its latest monetary policy report that it may lower interest rates at a faster pace. This inflation figure will be important in the decision to lower interest rates even faster in the future.

Important numbers for Erik Thedéen

The Swedish Central Bank has the goal of keeping the inflation rate at 2%. Governor of the Swedish Central Bank Erik Thedéen will closely watch all the inflation numbers to decide the steering interest rate for Sweden. The next meeting and update on interest rate will be presented November 7th.

Tags
Michelle KimM
By Michelle KimEditor-in-chief

More news

Good jobs with good pay that don't require long education

Good jobs with good pay that don't require long education

Why Are Swedish Houses Red?

Why Are Swedish Houses Red?

Black Friday & Week - How Do You Find The Best Deals

Black Friday & Week - How Do You Find The Best Deals

What is Swedish Filmjölk?

What is Swedish Filmjölk?

7 Difficult Swedish Idioms And Expressions

7 Difficult Swedish Idioms And Expressions

How To Survive Swedish Winter - 4 Tips From A Swedish Expert

How To Survive Swedish Winter - 4 Tips From A Swedish Expert

Importance of Generation Z in Sweden and Globally

Importance of Generation Z in Sweden and Globally

What tax rules apply to Bitcoin and other cryptocurrencies in Sweden?

What tax rules apply to Bitcoin and other cryptocurrencies in Sweden?

Julkalendern - The Yearly Swedish Christmas TV Show

Julkalendern - The Yearly Swedish Christmas TV Show

What to do if your bicycle is stolen in Sweden

What to do if your bicycle is stolen in Sweden

AI Music Tops the Viral 50 Chart in Sweden

AI Music Tops the Viral 50 Chart in Sweden

Young people and energy drink consumption in Sweden

Young people and energy drink consumption in Sweden

Have you eaten at Sweden's best hamburger restaurant?

Have you eaten at Sweden's best hamburger restaurant?

Sweden to America - The Great Emigration of the 19th Century

Sweden to America - The Great Emigration of the 19th Century

Major Banks Lower Mortgage Rates Following The Swedish Central Bank's Decision

Major Banks Lower Mortgage Rates Following The Swedish Central Bank's Decision

The Most Popular Cat Breeds In Sweden

The Most Popular Cat Breeds In Sweden

Korean Food Coming To Sweden

Korean Food Coming To Sweden

Prominent Swedes comment on Trump's victory in the US election

Prominent Swedes comment on Trump's victory in the US election

Start Your Classic Swedish Christmas Decorations

Start Your Classic Swedish Christmas Decorations

Why the U.S. Election Matters for Sweden

Why the U.S. Election Matters for Sweden