Per Jansson: Important that confidence in the inflation target remains high
Presentation “The social partners deserve credit for the responsibility they demonstrated in wage formation during the period of high inflation in 2022–2023. Compared with many other countries, this helped bring inflation down more significantly in Sweden and enabled the policy rate to be cut more quickly and to a greater extent here than in many other parts of the world.” These comments were made by Deputy Governor Per Jansson when he spoke on Thursday at the Swedish Unions within Industry about the economic situation.
Date: 16/04/2026 13:15
Speaker: Deputy Governor Per Jansson
Per Jansson, deputy governor.
Jansson emphasised that inflation this year will be significantly impacted by the reduction in VAT on food and by rising energy prices, factors that are affecting CPIF inflation in different directions. “It is reasonable for monetary policy to try to look through this type of effect. However, the situation in the Middle East is causing considerable uncertainty, and we need to be vigilant regarding any spillover effects, particularly from the rise in energy prices.”
That said, the initial position today is very different from that in 2022, when inflation began to rise. Inflationary pressures are clearly lower, demand is weaker and the Swedish krona has strengthened. “This means that the risk of spillover effects is lower now than it was then,” asserted Jansson.
“The Riksbank’s most important contribution, now as then, is to maintain a clear focus on inflation. This creates predictability and supports a sustainable and sound economic development. We are monitoring developments closely and are prepared to adjust monetary policy in either direction if necessary to ensure that confidence in the inflation target remains high.”