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Sweden Policy Rate 3.75% (consensus 3.75%) in Jun-24

• The Riksbank maintained the policy rate at 3.75%, consistent with the consensus, reflecting confidence in favourable inflation trends and a cautious approach to monetary easing.
• Future rate cuts, potentially two or three in the year's second half, are contingent on sustained disinflationary developments and economic stability.
• The decision balances the need for inflation control with recognising weaker economic activity and external risks, ensuring a flexible and data-driven monetary policy approach.

Sweden Unemployment Rate 8.7% in May-24

- Sweden's unemployment rate decreased to 8.7% in May 2024, marking the lowest level since February 2024 but still remaining above historical averages.
- Despite a slight improvement in unemployment, mixed economic indicators indicate ongoing pressures in the labour market and economy overall.

Sweden CPI Inflation 3.7% y-o-y (consensus 3.5%) in May-24

- Sweden's CPI inflation rate of 3.7% y-o-y in May 2024, down from 3.9% previously, suggests a cooling trend, significantly below the 1-year average yet 0.2pp above the consensus.
- The relatively subdued CPIF inflation rate of 2.3% y-o-y and modest increases in PPI and household lending indicate stabilizing input costs, signalling a cautious economic outlook.

Sweden Unemployment Rate 8.9% in Apr-24

- Sweden's unemployment rate in April 2024 dropped by 0.3pp to 8.9% but only reversed part of March's rise.
- The rate remains above the one-year average, indicating ongoing labour market challenges.