Nordic inflation before 24 September: Sweden's CPIF holds at 0.7% as Norway's core rate rises to 3.0%

Norges Bank and Sveriges Riksbank both announce interest rate decisions on Thursday 24 September 2026 (preview). The August inflation figures, the last before those meetings, point in different directions in the two countries.

Norway: underlying inflation at 3.0%

Statistics Norway published the August consumer price index on 10 September:

• CPI: up 3.3% on a year earlier, compared with 3.0% in July
• CPI-ATE, adjusted for tax changes and excluding energy products: up 3.0%, compared with 2.7% in July
• On the month: the CPI fell 0.3% and the CPI-ATE fell 0.5% from July to August

CPI-ATE is the measure Norges Bank watches most closely for underlying inflation. At its August meeting the bank held the policy rate at 4.25% and said it may still become necessary to raise it. Its inflation target is 2%. The next CPI release is on 9 October.

Sweden: CPIF unchanged at 0.7%

Statistics Sweden published August figures on 14 September:

• CPIF, the Riksbank's target measure, which holds mortgage interest rates constant: up 0.7%, unchanged from July
• CPIF excluding energy: up 0.5%, compared with 0.6% in July
• CPI: up 0.3%, compared with 0.2% in July, and down 0.3% from July to August

Statistics Sweden said higher prices for electricity and fuels pushed inflation up, with electricity prices rising 5.9% and fuel prices 3.7% on the month, mainly diesel. Lower food prices pulled the rate down, and package holiday prices fell 20.9% on the month, the largest contribution to the monthly decrease. The next release is on 14 October, with a flash estimate on 7 October.

The Riksbank's policy rate is 1.75%, and its target is 2% CPIF inflation.

What traders will watch on 24 September

• Norway: whether a core rate of 3.0% and oil above $100 a barrel (report) lead Norges Bank to raise its rate path in Monetary Policy Report 3/26.
• Sweden: how the Riksbank describes an inflation rate well below its 2% target alongside the stronger growth it noted in August.
• Switzerland: the Swiss National Bank decides the same day (SNB preview).

Oil and gas exports make the krone sensitive to energy prices (commodity currencies), and how interest rate decisions move currencies covers why the rate path matters as much as the decision.