Swedish May Inflation Review

Swedish May inflation was higher than forecast due to a significant jump in foreign travel costs, though underlying inflationary pressure remains modest. Nordea expects the Riksbank to keep rates on hold for the remainder of 2026.

Key Takeaways

• 1.Swedish May inflation exceeded expectations primarily due to a surge in foreign travel prices.
• 2.CPIF was 1.5% y/y and CPIF ex energy was 0.5% y/y, confirming earlier flash figures.
• 3.Inflationary pressures remain modest, providing the Riksbank with leeway to keep policy rates unchanged at 1.75% for the remainder of 2026.

Table of Contents

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