Sweden's preliminary inflation figures for August 2025 indicate a modest uptick, with the Consumer Price Index (CPI) inflation rate rising to 1.1 percent, up from 0.8 percent in July, according to Statistics Sweden (SCB). Despite this annual increase, monthly consumer prices fell by 0.4 percent.
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'The preliminary figures for August show that inflation continues to rise, while CPIF-XE is falling,' said Filip Hellberg, price statistician at Statistics Sweden.
The flash estimates, known as Quick CPI, provide an early snapshot of inflation trends five working days before the official release. For August, the CPIF (Consumer Price Index with fixed interest rate), the Riksbank's preferred target measure for monetary policy – recorded an annual inflation rate of 3.3 percent, compared with 3.0 percent in July. On a monthly basis, CPIF decreased by 0.2 percent.
By contrast, CPIF-XE, which excludes energy, showed a decline, with the annual rate falling from 3.2 percent in July to 2.9 percent in August. The monthly change was -0.5 percent, underscoring the cooling effect of energy-excluded categories on overall inflationary pressure.
The distinction between measures is significant for economic policy. While CPI reflects changes in household mortgage interest rates, CPIF holds these rates constant, isolating the impact of broader price movements. CPIF-XE provides additional focus on underlying trends by excluding volatile energy prices.
The preliminary data suggest that headline inflation is edging higher, but underlying pressures, once energy is excluded, are easing. The finalised and more detailed August figures will be released by Statistics Sweden on 11 September.
For now, the August flash estimate highlights the nuanced inflation landscape facing Sweden's economy: a slight increase in headline rates alongside a softening in core components, factors which will inform ongoing monetary policy considerations by the Riksbank.
More information:
Statistics Sweden
www.scb.se
