FX.co ★ Sweden’s Underlying Inflation Slips in October as CPIF Ex Energy Turns Negative

Sweden’s CPIF excluding energy fell month‑on‑month in October 2026, highlighting a softening in underlying price pressures. According to data updated on 12 November 2026, the CPIF ex energy index declined by 0.10% compared with September, when it had recorded a 0.10% increase.

The month‑over‑month comparison shows a clear reversal in momentum: while prices excluding energy were still edging higher in September 2026, they moved into negative territory in October. The indicator measures the change in consumer prices excluding the impact of energy costs, making it a closely watched gauge of core inflation dynamics in Sweden.

The latest reading suggests a more subdued inflation backdrop heading into late 2026, as the October decrease contrasts with the modest upward movement seen the month before. Policymakers and markets will be watching upcoming releases to assess whether October’s drop marks the beginning of a softer trend in underlying inflation or a temporary pause after earlier gains.