Inflation Sweden 2023
Average inflation: 8.7%
Current Inflation
Inflation is very high at 8.7%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 12.0%. The lowest inflation was in December at 4.4%.
- Highest month
- February: 12.0%
- Lowest month
- December: 4.4%
- Difference
- 7.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 12.5%. The lowest price increase was in Communication with an average of 0.6%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 12.5%
- Lowest increase
- Communication: 0.6%
Historical Context
Current inflation is 4.4% higher than the 5-year average of 4.3%. This approaches the highest level since records began (8.7% in 2023).
- 5-year average
- 4.3%
- 10-year average
- 2.6%
- All-time high (2023)
- 8.7%
- All-time low (2009)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +0.4 percentage point.
- Change vs. previous year
- +0.4 percentage points
- Largest monthly swing
- January: +8.0 percentage points
ECB Target
Inflation is 6.7% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €108.70 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 11.7% | +8.0 |
| February | 12.0% | +7.7 |
| March | 10.6% | +4.6 |
| April | 10.5% | +4.1 |
| May | 9.7% | +2.4 |
| June | 9.3% | +0.6 |
| July | 9.3% | +0.8 |
| August | 7.5% | -2.3 |
| September | 6.5% | -4.3 |
| October | 6.5% | -4.4 |
| November | 5.8% | -5.7 |
| December | 4.4% | -7.9 |
| Average | 8.7% |
Data source
Data from OECD. Last updated: 11/01/2026.