euroflation.

🇸🇪Sweden inflation rate

released 16 Oct 2026 · data through September 2026 · next release expected 31 Oct 2026

Sweden sits outside the euro area, with its own currency and central bank. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 1.0% as of September 2026. That is 1.0 percentage point below the Riksbank's 2% target, and 2.8 points below the eurozone average of 3.8%.

The breakdown shows core (excluding energy and food) at 1.1%, energy at 15.8%, food at −4.8% and services at 1.6%. The strongest pressure is in energy (15.8%), while food is the softest (−4.8%).

Month on month the headline rose from 0.3% to 1.0%, extending the climb.

Sweden has the lowest annual inflation rate of the 30 European economies tracked, just behind Switzerland.

Harmonised inflation (HICP) · annual rate
1.0%
vs 2% target
−1.0 pp

Harmonised inflation (HICP) is 1.0% as of September 2026 — that is 1.0 percentage point below the Riksbank's 2% target.

core (excluding energy and food)
1.1%
▼ 0.1 pp vs prev
energy
15.8%
▲ 10.9 pp vs prev
food
−4.8%
▼ 0.1 pp vs prev
services
1.6%
▼ 0.6 pp vs prev
Sweden — annual HICP inflation rate, last 10 years
Source: Eurostat (HICP) · data through September 2026 · modifications: none

Inflation by year

Inflation in Sweden averaged 2.6% in 2025, higher than in 2024 (2.0%).

Inflation by year
YearAnnual averageDecember, year on year
2026 so far–1.0% (September)
20252.6%2.1%
20242.0%1.6%
20235.9%1.9%
20228.1%10.8%
20212.7%4.5%
20200.7%0.6%
20191.7%1.7%
20182.0%2.1%
20171.9%1.7%
20161.1%1.7%

Annual average: the average HICP index of the year compared with the previous year's average, as Eurostat publishes it (prc_hicp_ainr) — not an average of the monthly rates. December: the year-on-year rate of that month (prc_hicp_minr). The current year shows the latest monthly year-on-year rate.

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Frequently asked questions

What is Sweden's current inflation rate?
Sweden's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 1.0% as of September 2026.
Is Sweden's inflation above or below the Riksbank's 2% target?
At 1.0%, it is 1.0 percentage points below the Riksbank's 2% target.
How does Sweden's inflation compare with the rest of Europe?
Sweden ranks number 30 of 30 European economies by inflation, 2.8 points below the eurozone average of 3.8%.
Did Sweden's inflation rise or fall last month?
Month on month, the headline rate rose from 0.3% to 1.0% in September 2026.
What was inflation in Sweden in 2025?
Inflation in Sweden averaged 2.6% in 2025, higher than in 2024 (2.0%). In December 2025, the year-on-year rate was 2.1%.
What was inflation in Sweden over the last 10 years?
Between 2016 and 2025, annual average inflation in Sweden ranged from 0.7% in 2020 to 8.1% in 2022. The mean of the annual rates over those years was 2.9%.

Sweden — more indicators