Sweden's producer prices rise 3.4% in a month and 11.2% in a year

SCB published the data on 26 October. The Producer Price Index (PPI) rose 3.4% from August to September. The agency says that is the biggest monthly rise since March 2022. Over a year prices rose 11.2%. "The annual rate of PPI in September 2026 was 11.2 percent, the highest since January 2023," said SCB price statistician Carl Mårtensson.

Prices rose in every market. At home they were up 3.3% in a month, for exports 3.6% and for imports 4.5%. Over a year home prices rose 10.2%, export prices 12.4% and import prices 15.5%. In August the figures were 7%, 6.8% and 9.5%.

Energy is again the main driver. Energy-related goods were 42.1% dearer than a year ago. Without them the rise was 6.2%. At home the biggest monthly push came from electricity trading, 1.9 percentage points, and petroleum products, another 1 point. Basic chemicals, metals and district heating also got dearer. Food got slightly cheaper.

In imports, crude oil gave the biggest push, 2.5 points. Petroleum products added another 0.8.

The krona played a part too. In one month it lost 2.6% against the dollar, 1.9% against the euro and 3% against the Norwegian krone. When the krona weakens, import and export prices in krona go up.

For shoppers it is calmer for now. Consumer goods in the domestic supply index were only 0.6% dearer than a year ago. Spain also released September data today, and its industrial prices rose 18.3%. We give no forecasts and no trading advice.

Confirmed facts

• In September 2026 Sweden's Producer Price Index rose 3.4% in a month, the highest monthly rate since March 2022.^[1][2]
• The annual rate was 11.2%, up from 6.8% in August.^[1][2]
• SCB price statistician Carl Mårtensson called the 11.2% annual rate the highest since January 2023.^[1]
• In one month home market prices rose 3.3%, export prices 3.6% and import prices 4.5%.^[1][2]
• Over a year home market prices rose 10.2%, export prices 12.4% and import prices 15.5% (7.0%, 6.8% and 9.5% in August).^[1][2]
• Energy-related products rose 42.1% in a year; excluding them producer prices rose 6.2%.^[1][2]
• In the home market, electricity trading contributed 1.9 percentage points to the monthly rise and refined petroleum products 1.0 point.^[1][2]
• In imports, crude oil contributed 2.5 points to the monthly rise and refined petroleum products 0.8 point.^[1][2]
• From August to September the krona weakened 2.6% against the dollar, 1.9% against the euro and 3.0% against the Norwegian krone.^[1][2]
• The annual rate for consumer goods in the Price Index for Domestic Supply rose from minus 0.1% in August to 0.6% in September.^[1][2]
• SCB will publish October data on 25 November 2026.^[1]

Implications

• ConfirmedSweden's producer prices are rising at the fastest pace in almost four years, driven mainly by oil and electricity.
• Our readingA weak krona makes imports dearer and may keep prices high even if oil gets cheaper.
• Our readingIf the rise reaches shops, it will be harder for the Riksbank to cut rates.

Still unknown

• When and how much the producer price rise reaches consumer inflation in Sweden.
• Whether the krona stays weak.
• How the Riksbank reads these data.

Who it affects

Sweden, Europe. People who follow European inflation, energy prices and the Swedish krona

Sources

1. Statistics Sweden (SCB): Producer prices increased in all markets in September 2026 October 26, 2026 · official
2. Investing.com: Sweden producer prices jump 3.4% in September on energy costs October 26, 2026 · media