# Nordic inflation before 24 September: Sweden's CPIF holds at 0.7% as Norway's core rate rises to 3.0% > Statistics Sweden and Statistics Norway have published August inflation, the last figures before Norges Bank and the Riksbank announce rate decisions on 24 September. - Canonical URL: https://forextradingcommunity.com/news/sweden-norway-inflation-august-2026/ - Type: Data - Published: 2026-09-15 - Updated: 2026-09-15 - Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team - Currencies: NOK, SEK Norges Bank and Sveriges Riksbank both announce interest rate decisions on Thursday 24 September 2026 ([preview](/news/norges-bank-riksbank-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](/news/brent-crude-above-100-september-2026/)) 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](/news/swiss-national-bank-september-2026-preview/)). Oil and gas exports make the krone sensitive to energy prices ([commodity currencies](/news/commodity-currencies-aud-nzd-cad-nok/)), and [how interest rate decisions move currencies](/news/how-interest-rate-decisions-move-currencies/) covers why the rate path matters as much as the decision. ## Sources - [Statistics Norway: CPI up 3.3 per cent last 12 months (August 2026)](https://www.ssb.no/en/priser-og-prisindekser/konsumpriser/statistikk/konsumprisindeksen/artikler/cpi-up-3.0-per-cent-last-12-months-0826) - [Statistics Sweden: The inflation rate according to the CPI was 0.3 percent in August 2026](https://www.scb.se/en/finding-statistics/statistics-by-subject-area/prices-and-economic-trends/price-statistics/consumer-price-index-cpi/pong/statistical-news/consumer-price-index-cpi-august-2026/) - [Norges Bank: rate decision, August 2026](https://www.norges-bank.no/en/topics/monetary-policy/Monetary-policy-meetings/2026/august-2026/) ## Common questions ### What is the inflation rate in Sweden? CPIF inflation, the Riksbank's target measure, was 0.7% in August 2026, and CPI inflation was 0.3%, according to Statistics Sweden. ### What is the inflation rate in Norway? Consumer prices rose 3.3% in the year to August 2026, and CPI-ATE, which excludes energy and adjusts for tax changes, rose 3.0%, according to Statistics Norway. ### When do Norges Bank and the Riksbank announce their next decisions? Both announce on Thursday 24 September 2026. The Riksbank's decision applies from 30 September. --- This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money.