Monetary Policy Report, September 2023
Central bank: riksbank | Type: statement | Date: 2023-09-21

Monetary Policy Report, September 2023
The Riksbank’s rate increases and the falling energy prices have contributed to inflation beginning to fall. Developments are thus going in the right direction, but inflationary pressures in the Swedish economy are still too high. For inflation to fall back and stabilise around the target of 2 per cent within a reasonable period of time, the Executive Board has therefore decided to raise the policy rate by 0.25 percentage points to 4 per cent. The forecast for the policy rate indicates that it could be raised further.
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What is the policy rate?
Policy rate
Applies from 27 September 2023
policy rate, table
The monetary policy decision including the policy rate
The Executive Board's monetary policy decision from the meeting on 20 September 2023 is summarised in a press release:
Policy rate raised by 0.25 percentage points to 4 per cent
Monetary policy decision document September 2023:
Policy rate decision
Read the Monetary Policy Report in full:
Monetary Policy Report September 2023
In brief - Monetary policy September 2023
The tighter monetary policy has helped to reduce inflation. To ensure that inflation continues to fall and stabilise around the target within a reasonable period of time, monetary policy needs to continue to be tightened somewhat. The Executive Board has therefore decided to raise the policy rate by 0.25 percentage points, to 4 per cent. The decision is in line with the assessment at the monetary policy decision in June.
Inflation is falling in Sweden. The rate of increase in energy and food prices has slowed significantly, which is positive. But inflation pressures are still too high. Service prices continue to rise at a rapid pace, which, together with the unjustifiably weak krona, contribute to keeping up inflation and increasing the risk that inflation will not continue to fall and stabilise around the target sufficiently quickly.
The policy rate is at a contractionary level, and is dampening demand in the economy. This is necessary for inflation to fall back towards the target within a reasonable period of time. According to the Riksbank's forecast, GDP is expected to fall somewhat going forward, at the same time as in the labour market slows down. Together with an expected modest appreciation of the krona in the coming years, this will help inflation to fall back and be close to the target of 2 per cent in 2024.
The forecast for the policy rate indicates that it can be raised further. As before, the assessment is that monetary policy needs to be contractionary for a longer period of time for inflation to fall back and stabilise close to the target of 2 per cent. New information and how it is expected to affect the outlook for the economy and inflation will be decisive in determining the monetary policy stance.
What is the forecast for the policy rate?
press release
Monetary Policy Report
contain the Riksbank's forecast for the policy rate.
Related documents
Press release 21 September 2023: Policy rate raised by 0.25 percentage points to 4 per cent
(pdf | 712,8 kB)
Monetary Policy Report September 2023
(pdf | 7,3 MB)
Numerical data: Monetary Policy Report September 2023
(xlsx | 1,8 MB)
Monetary policy decision September 2023: Policy rate decision
(pdf | 190,7 kB)
Article: Household savings increased significantly during the pandemic
(pdf | 1,4 MB)
Article: The krona will strengthen in the medium term
(pdf | 1,6 MB)
Slides from the press conferense 21 September 2023
(pdf | 2 MB)
Next monetary policy decision?
The next monetary policy meeting will take place on 22 November 2023 and information on the monetary policy decision, including the policy rate, will be communicated the day after, 23 November 2023.
Related content
Policy rate, deposit and lending rate
Voting by the Executive Board on interest rate decisions (xlsx)
DO YOU WANT TO KNOW MORE?
What is inflation?
How is inflation measured?
How monetary policy affects inflation
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Updated 21/09/2023