FX.co ★ Sweden’s Underlying Inflation Ex-Energy Cools to 1.7% in January, Easing from December’s 2.3%

Sweden’s CPIF excluding energy slowed to 1.70% year-on-year in January 2026, down from 2.30% in December 2025, according to data updated on 20 February 2026. The figure measures price changes excluding energy and is compared to the same month a year earlier, providing a view of underlying inflation trends without the volatility of energy markets.

The latest reading indicates a further moderation of core price pressures at the start of 2026. While December’s 2.30% annual increase in CPIF ex energy suggested inflation was still running closer to typical central bank targets, January’s softer 1.70% pace points to a cooler price environment across energy-excluded categories. This shift is likely to be closely watched by market participants assessing the trajectory of Swedish inflation and potential implications for monetary policy.