• Electricity prices decreased.
• Fuel prices were 13 percent lower compared to December last year.
• Prices increased for international flights and package holidays.
• Increased rentals and higher fees for tenant-owned apartments contributed to the inflation rate in December.

Lower electricity prices

The price development from November to December was 0.0 percent. In the corresponding period last year prices increased by 0.7 percent.

Both package holidays and transport services increased in price. Within transport services, international flights contributed the most. There were also increasing prices in clothing and shoes.

There were falling prices in December for electricity and accommodation services. Like November, interest costs for owner-occupied houses and tenant-owned apartments continued to decrease.

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 December 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 December

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 0.8 percent in December 2024. This is a decrease from November, when the inflation rate was 1.6 percent.

Rentals and fees for tenant-owned apartments increased from December 2023 to December 2024. On the other hand, electricity prices and interest costs for tenant-owned apartment decreased. Housing costs slightly decreased on an annual basis, which last happened in November 2020.

There were price increases in the group recreational and cultural services, where television, film, and music services contributed to the inflation rate. Furthermore, the prices rose within food and non-alcoholic beverage as well as the group miscellaneous goods and services. On the contrary, the fuel prices decreased.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 1.5 percent in December.

The inflation rate calculated excluding energy products (CPIF-XE) was 2.0 percent in December which was a decrease from 2.4 percent in November.

Update of weighting figures for 2025

Statistics Sweden annually updates the weightings (weighting figures) that form the basis for the weighting of the CPI and related inflation measures. The weights are based on data on the distribution of household consumption between product groups.

Changes in 2025

Changes in the production of the Consumer Price Index will be introduced from 2025. For further information, please see:

Changes in the CPI as from 2025 (pdf)

CPI flash estimate may deviate

Since October the 8^th 2024, Statistics Sweden publishes the CPI flash estimate. It is published five days before the ordinary CPI. The CPI flash estimate is based on preliminary data used by Statistics Sweden for reviewing purposes. In the review process, minor errors in microdata are often detected and corrected before the final CPI is published. Moreover, in some cases companies are missing in the preliminary data but are included in the final publication. At an aggregated level, these corrections have a marginal effect on the statistics. On average (measured as absolute mean error), the CPI flash estimate deviate by one-hundredth of a percentage point from the regular published inflation rate according to the CPI. Individual months may have deviations from regular CPI smaller or larger than one-hundredth of a percentage point. 

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.