Policy rate rises 25 basis points to 2 percent
Sweden's Riksbank raised its policy rate by 25 basis points to 2 percent, effective November 11, 2026. It projects inflation above 2 percent in 2027 as activity strengthens and supply disruptions raise costs, with further rate increases conditional on the outlook.
Temporary measures mask price pressures
The Executive Board raised the policy rate as stronger activity, supply disruptions and a weaker krona in 2026 raise projected inflation.
September CPIF inflation was 1.5 percent, matching the forecast, or 3 percent excluding temporary fiscal measures.
Also excluding energy, underlying inflation was 1.6 percent, slightly below forecast.
Cost indicators remained above normal.
Preliminary GDP and employment rose in Q3 as forecast; October household sentiment fell while business sentiment improved.
Supply disruptions linked to the Middle East war raised energy prices and inflation abroad.
The Riksbank projects normal economic conditions and an improving labor market in 2027, with CPIF and underlying inflation above 2 percent.
Further increases remain conditional
Further rate increases in 2027 remain conditional on the outlook holding, consistent with September's rate forecast.
The Riksbank projects inflation settling around its 2 percent target over time.
Persistent supply disruptions and faster growth pose upside inflation risks.
Labor-market recovery remains uncertain, while geopolitics, AI investment concerns and weak public finances threaten demand.
Governor Erik Thedéen and Monetary Policy Department Head Åsa Olli Segendorf will hold a press conference; Susanne Meyer handles registration.
Guidance without fresh forecasts
The rate path remains conditional, not a commitment to further increases.
The Monetary Policy Update contains no new forecasts, leaving September's projections as the reference.
Minutes follow on November 10, 2026, before the next Monetary Policy Report supplies fresh forecasts on December 16, 2026.
Source: Policy rate raised to 2 per cent
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