• Higher fees for rented apartments and increased prices for food and restaurant visits contributed all together with about 1.0 percentage point to the inflation rate according to the CPI in January.
• Electricity prices increased in January, but the annual rate continued to be negative which it has been since May 2023.
• Lower interest rate costs contributed to offset the rise in the inflation rate according to the CPI with approximately -1.0 percentage point.
• The basket effect on the monthly change in the CPI was 0.06 percent in January 2025.

Higher fees for rented apartments in January

The price development from December to January was 0.0 percent. In the corresponding period last year, prices decreased by 0.1 percent.

Transport prices fell in January, where international flights were the main contributor. Moreover, interest rate costs decreased, as well as prices within recreation and culture. Clothing also had lower prices, which is normal for the season.

The price decreases were balanced mainly by increased electricity prices. Fees for rented apartments rose more than usual in January. Prices were also higher within food and alcoholic beverages, as well as restaurant visits. Additionally, miscellaneous goods and services contributed to increased prices.

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 January 2025. The results are presented by COICOP category. COICOP refers to the United Nations classification of household consumption expenditure.

Contributions to the inflation rate in January

The inflation rate according to the CPI, that is, the change in the CPI from the same month last year, was 0.9 percent in January 2025. This is an increase from December, when the inflation rate was 0.8 percent.

The contributions to the inflation rate in January came from higher fees for rented apartments. Food and alcoholic beverages became more expensive, as well as restaurant visits. Personal care was the main contributor to increased prices in miscellaneous goods and services. Finally, prices rose for clothing and footwear, health care and package holidays.

The inflation rate was offset by the lower interest rate costs which contributed with approximately -1.0 percentage point in January. Furthermore, prices for energy products, electricity and fuels, decreased compared to corresponding month previous year.

The inflation rate according to CPIF, which unlike CPI is not affected by changes in mortgage interest rates, was 2.2 percent in January.

The inflation rate calculated excluding energy products (CPIF-XE) was 2.7 percent in January which was an increase from 2.0 percent in December.

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.