Electricity and fuel lift Sweden's inflation to 1.5% in September 2026
CPIF inflation rose from 0.7% in August 2026. Electricity rose 11.7% and fuel 13.3% in one month. The Riksbank's next rate decision is on 4 November 2026.
Inflation in Sweden picked up in September 2026. CPIF inflation rose from 0.7% in August 2026 to 1.5%, according to figures from Statistics Sweden (SCB) today. Electricity and fuel account for the jump.
"Rising electricity and fuel prices contributed to a higher rate of inflation in September 2026," says Sofie Öhman, price statistician at Statistics Sweden.
Energy explains almost all of the rise
From August to September 2026 electricity prices rose 11.7% and fuel prices 13.3%. Over the year, fuel is 20% dearer and electricity 17% dearer.
Strip out energy and there is no rise at all. CPIF excluding energy stayed at 0.5%, the same as in August 2026. Food is still pulling inflation down. Food prices are 6.5% lower than a year ago, after the VAT on food ("matmoms") was halved in April 2026.
| Measure | August 2026 | September 2026 |
|---|---|---|
| CPIF | 0.7% | 1.5% |
| CPI | 0.3% | 1.1% |
| CPIF excluding energy | 0.5% | 0.5% |
What it means for interest rates
The Riksbank announces its next rate decision on 4 November 2026, three weeks from now. In September 2026 it said the policy rate ("styrränta") should rise more than in its June 2026 forecast. If the outlook holds, the hikes are set to start this year. At the time, the Riksbank itself pointed to rising prices for oil, electricity and fuel.
The Riksbank's target is 2% CPIF inflation. Today's figure is still below it. That the rise comes from energy rather than from other prices is one of the things the Riksbank weighs.
What a hike would cost you
The policy rate is 1.75% today. If the Riksbank raises it by 0.25 percentage points and your bank follows, a variable SEK 3,000,000 loan costs SEK 7,500 more a year.
After the 30% interest deduction ("ränteavdrag") that is SEK 5,250, or just under SEK 440 a month. With a fixed rate, you are affected only when the fixed period ends. Bolån Radar's historic rates show how the banks' average rates have moved month by month.
Sources
- Statistics Sweden: Consumer Price Index, September 2026 (Swedish)
- Riksbank: Monetary policy decision, September 2026 (Swedish)
This content is general information, not financial or legal advice. Bolån Radar collects data from banks and authorities and cannot guarantee that it is complete or free of errors. Talk to your bank or an adviser before you decide.