Consumer prices in Sweden rose by 0.8% year-on-year in May 2026, reversing a 0.1% decline in April and beating market expectations of a 0.5% increase, according to preliminary estimates. This marked the highest inflation rate since October 2025, largely driven by higher energy and services costs. Transport prices accelerated (6.0% vs. 5.2% in April), reflecting rising energy prices linked to the conflict in the Middle East, while housing and utilities rebounded (2.6% vs. -0.1%). By contrast, food prices continued to fall further (-6.3% vs. -5.7%).
On a monthly basis, consumer prices increased by 1.0%, following a 0.6% drop in April and exceeding forecasts of a 0.7% rise. This was the sharpest monthly increase since June 2023. Meanwhile, the consumer price index with a fixed interest rate (CPIF) — the Riksbank’s target measure — rose 1.5% year-on-year in May, above expectations of a 1.3% gain and up from April’s 0.8% increase, which had been the weakest since December 2020.
