• Electricity prices increased from October to November but were lower than November last year.
• Fuel prices were 18 percent lower compared to November last year.
• Interest expenses had a negative annual rate for the first time since January 2022.
• Increased rentals and higher fees for tenant-owned apartments contributed to the inflation rate in November.

Rising electricity prices

The CPI increased by 0.3 percent from October to November. In the corresponding period a year ago, prices also increased by 0.3 percent.

Electricity prices rose, which contributed to a positive effect on the monthly change. Like previous month, the prices also increased in the group recreational and cultural services.

On the other hand, the costs for mortgage interest rates, both for tenant-owned apartments and owner-occupied housing decreased. Also, package holidays had lower prices. Moreover, transportation services, especially international flights, fell in price.

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 November 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 November

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 1.6 percent in November 2024. It is the third month in a row where the inflation rate was 1.6 percent.

The inflation rate in November was, as previous months, mainly affected by higher housing costs. This was mostly driven by price increases on rents and fees for tenant-owned apartments.

Prices also rose within clothing and footwear. Moreover, there were price increases in the group recreation and cultural services, which includes television, film, and music services. Furthermore, the prices rose within food and non-alcoholic beverage as well as catering services. Finally, prices increased within the group miscellaneous goods and services, where the main effect came from personal hygiene.

Like previous month, prices on fuels and telephone services and equipment fell. This month, interest expenses for tenant-owned apartments also contributed to a lower inflation rate.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 1.8 percent in November.

The inflation rate calculated excluding energy products (CPIF-XE) was 2.4 percent in November which was an increase from 2.1 percent in October.

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.

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. 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.