• Fuel prices decreased in September, and they are also lower than the corresponding month the previous year.
• Food prices rose more than usual in September.
• The cost for mortgage interest rates declined from August to September but have increased compared to September a year ago.
• The CPI flash estimate has a new table in the statistics database with one decimal.

Lower transport prices

The CPI decreased by 0.2 percent from August to September. In the corresponding period a year ago, prices increased by 0.5 percent.

The price increases are mainly due to food and non-alcoholic beverages, clothes, and electricity. Furthermore, prices within furnishings and household goods as well as services within recreation and culture have increased.

The price increases were partly offset by the prices for transport, especially fuel, car rental and international flights, which fell in price. Additionally, mortgage interest rates contributed to a price decrease in September.

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 September 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 September

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 September 2024. This is a decrease from August, when the inflation rate was 1.9 percent.

Cost of housing were, as previous months, the main contribution to the inflation rate. Within cost of housing, it was rents, monthly fee for tenant-owned apartments and mortgage interest rate which had the largest impact on the inflation rate. Except for housing, the prices within food and non-alcoholic beverages, catering services as well as health care have increased.

The price increases are counteracted by, among other things, fuel and telephone equipment.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 1.1 percent in September.

The inflation rate calculated excluding energy products (CPIF-XE) was 2.0 percent in September which was a decrease from 2.2 in August.

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.