• The interest rates for household’s mortgages rose and contributed with 1.1 percentage point to the annual inflation rate according to CPI.
• Electricity prices decreased in July, and they are also lower compared to July 2023.
• Prices on furniture and clothing decreased more than what they normally do in July.
• The annual inflation rate according to CPIF excluding energy, decreased from 2.3 percent in June to 2.2 percent in July.
• An indicator for the inflation named “CPI flash estimate”, will begin to be published this autumn.

Small price increase in July

The CPI increased by 0.1 percent from June to July. In the corresponding period a year ago, prices were unchanged.

The increase in the monthly change in July was affected by increased prices within transports, food and non-alcoholic beverages as well as services within recreation and culture. Moreover, some travel related services also had increased prices, such as packaged holidays and international flights. Prices for restaurants and hotels also increased in July.

The increased prices were partly offset by lower prices on electricity. Also, prices on furniture and clothing decreased more than what they normally do in July. In addition, prices for products within communication decreased, and the annual replenishment of the national dental care subsidy contributed to lower dentist fees in July.

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 July 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 July

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 2.6 percent in July 2024. This makes the inflation unchanged from June, when it also was 2.6 percent.

The contributions to the inflation rate in July mostly came from, similar to previous months, higher housing costs. 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 was partly offset by lower electricity prices.

Furthermore, prices increased within food and non-alcoholic beverages, health, other expenses for vehicles and for restaurant visits. In addition, prices within alcoholic beverages and tobacco as well as miscellaneous goods and services increased in July.

The price increases were partially offset by falling prices on fuels, telephone equipment as well as goods and services within recreation and culture.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 1.7 percent in July.

The inflation rate calculated excluding energy products (CPIF-XE) was 2.2 percent in July which is a decrease compared to June when it was 2.3 percent. 

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.