• The interest rates for household’s mortgages rose and contributed with 3.0 percentage points to the annual inflation rate according to CPI.
• Food prices decreased by 1.3 percent in April.
• Fuel prices have fallen by 7.0 percent over the past year.
• The annual inflation rate according to CPIF excluding energy decreased from 8.9 percent in March to 8.4 percent in April.

Food prices fell in April

The CPI increased by 0.5 percent from March to April. In the corresponding period a year ago, prices went up by 0.6 percent.

There were rent increases for rental apartments and higher interest expenses, both for owner occupied housing and tenant owned apartments. In April the increased housing costs was partly offset by lower electricity prices.

Transport prices also rose, transport services such as international flights contributed the most. After this year's book sale there was a price reversal on books. Also, prices on package holidays rose.

Price increases were offset by lower food prices in April, mainly prices of vegetables and fruit decreased. The last time there was a drop in food prices was in November 2021.

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 April 2023. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.

Decreasing inflation rate in April

The inflation rate according to CPI, that is, the change in CPI from the same month of the previous year, was 10.5 percent in April 2023. This is a decrease from March when the inflation rate was 10.6 percent.

The inflation rate was affected by the past years increasing housing costs, with higher interest expenses for both owner-occupied homes and tenant owned apartments, which together had the largest impact on the inflation rate in April. The increased interest expenses contributed by 3.0 percentage points to the CPI and in March the corresponding figure was 2.8 percentage points.

There has also been a broad price increase on food during the past year. The prices of clothing and footwear have become higher in the past year. In addition, furnishings and household goods also have increased, where for instance price increases for furniture have been noted. Also, transport prices have risen, mainly due to higher prices for cars and transport services. In contrast, the price increases in transport were moderated by falling prices of fuels.

Recreation and culture have increased in price the past year, as well as restaurants- and hotel visits. In addition, there were price increases for miscellaneous goods and services where price increases in personal care had the largest contribution.

The inflation rate according to the CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 7,6 percent in April. This is a decrease compared to March when it was 8.0 percent.

The inflation rate calculated excluding energy products (CPIF-XE) was 8.4 percent in April, which is a decrease compared to March when it was 8.9 percent.

CPI and CPIF, two different measures of inflation

As from the publication of CPI regarding February 2023, the statistical news will shift the main focus from CPIF to CPI. This affects the title and the introduction, but also the tables and diagrams that are presented. CPIF will continue to be presented in the statistical news. The reason behind the change in the statistical news is an increased interest in the general price trend in Sweden as shown by the CPI.

CPI and CPIF are two different measures of inflation that Statistics Sweden calculates. The most common measure of inflation in Sweden is the change in the Consumer Price Index (CPI), but it is the CPIF that is the measure that the Riksbank uses in its inflation target. The CPIF includes the same goods and services as the CPI. The difference between CPI and CPIF is that in CPIF, interest rates for households’ mortgages are kept constant. This means that the effect of changes in interest rates for households’ mortgages is only captured in the CPI and not in the CPIF.

Different measures of inflation

Statistics Sweden calculates different inflation measures for different purposes. The CPIF is the Riksbank’s target variable, while the CPI is the measure used for purposes of compensation.