FX.co ★ Sweden’s Underlying Inflation Turns Negative in January as CPIF Ex Energy Falls 0.4% MoM

Sweden’s underlying inflation excluding energy (CPIF ex energy) declined month‑on‑month in January 2026, signaling a notable cooling in price pressures at the start of the year. The indicator fell by 0.40% compared with December, according to data updated on 20 February 2026.

This marks a sharp reversal from the previous month’s reading: in December 2025, CPIF ex energy had increased by 0.30% on a month‑over‑month basis. The latest print therefore indicates that prices, stripped of volatile energy components, not only lost momentum but actually moved lower between December and January.

On a month‑over‑month comparison basis, the “actual” figure represents the change in January 2026 relative to December 2025, while the “previous” figure reflects the change in December 2025 relative to November 2025. The swing from positive to negative territory in CPIF ex energy may be closely watched by market participants and policymakers as they assess the trajectory of core inflation in Sweden.