Swedish April Inflation Review

Sweden's April inflation came in with CPIF at 0.8% y/y, driven lower by surprising drops in foreign travel and a VAT reduction on food. Nordea expects the Riksbank to remain on hold at the June meeting given these low underlying inflation figures.

Key Takeaways

• 1.Swedish April CPIF was confirmed at 0.8% y/y, with CPIF ex energy at 0.0% y/y.
• 2.Foreign travel prices were the primary downside surprise, falling month-on-month against expectations of an increase.
• 3.A halved VAT on food led to a full expected impact of a 5.5% month-on-month price decrease.

Table of Contents

• Swedish April inflation review: Cheap foreign travel
• April 2026, outcome & forecasts, %
• April 2026, outcome & Nordea's forecast*
• Product groups with large effects on CPIF (excluding food, energy and foreign travel)
• DISCLAIMER

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