• Electricity prices decreased in August, and they are also lower compared to August 2023.
• Among the prices in transport, international flights, car rental and fuel petrol prices fell the most in August.
• Food prices declined in August.
• The annual inflation rate according to CPIF excluding energy, was 2.2 percent in August, which is unchanged since July.
• On October 8, an indicator for the inflation known as “CPI flash estimate” will be published.

Falling prices of several goods and services

The CPI decreased by 0.6 percent from July to August. In the corresponding period a year ago, prices increased by 0.1 percent.

Electricity prices decreased from July to August, which largely contributed to lower housing costs. Transport prices fell, which is a result of lower prices for international flights, car rental and fuel. There have also been price reductions on package holidays and for food and non-alcoholic beverages.

The price decreases were partially offset by higher clothing prices, which is normal for the season.

The table below shows changes on a monthly basis and contributions to the CPI based on the goods and services that had the greatest impact on the CPI in August 2024. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.

Contributions to the inflation rate in August

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 1.9 percent in August 2024. This is a decrease from July, when the inflation rate was 2.6 percent.

The contributions to the inflation rate in August mostly came from higher housing costs, as in previous months. The main contributors to the inflation rate were increased mortgage costs as well as rising fees for rented and tenant-owned apartments. The higher housing costs were partly offset by lower electricity prices. Furthermore, prices for miscellaneous goods and services, catering, and health care have increased.

In addition to the reduced electricity prices, the price increases were offset by lower prices for fuel and telephone equipment.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 1.2 percent in August.

The inflation rate calculated excluding energy products (CPIF-XE) was 2,2 percent in August which is unchanged since July.

Different measures of inflation

Statistics Sweden calculates different inflation measures for different purposes. The CPIF is the Riksbank’s target variable, while CPI is the measure used for purposes of compensation. The CPIF includes the same goods and services as CPI. The difference between the CPI and the CPIF is that the latter measure holds interest rates for household’s mortgages constant. Consequently, the effect of changed interest rates for household’s mortgages is only captured by the CPI and not the CPIF.

Additional to the CPI and the CPIF, the HICP is also calculated. The HICP is a harmonized measure of inflation used within the EU cooperation. Another index that is calculated each month is CPIF-XE (the CPIF excluding energy products) which is often used as a measure of underlying inflation.