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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.

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Michelle KimM
By Michelle KimEditor-in-chief

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