Monetary Policy Report, November 2023
Central bank: riksbank | Type: statement | Date: 2023-11-23

Monetary Policy Report, November 2023
Inflation is still too high and there are still risks that it will not continue falling fast enough and stabilise at the target. But inflation has fallen and inflationary pressures have clearly eased. The Executive Board has decided to hold the policy rate unchanged at 4 per cent. The Executive Board assesses that monetary policy needs to be contractionary and is prepared to raise the policy rate further if inflation prospects deteriorate.
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What is the policy rate?
Policy rate
Applies from 29 November 2023
Policy rate, table
The monetary policy decision including the policy rate
The Executive Board's monetary policy decision from the meeting on 22 November 2023 is summarised in a press release:
Policy rate held unchanged at 4 per cent
Monetary policy decision document November 2023:
Policy rate decision
Read the Monetary Policy Report in full:
Monetary Policy Report November 2023
In brief - Monetary policy November 2023
Inflation is still too high and there are still risks that it will not continue falling fast enough and stabilise at the target. But inflation has fallen and inflationary pressures have clearly eased. The Executive Board has decided to hold the policy rate unchanged at 4 per cent. The Executive Board assesses that monetary policy needs to remain contractionary and is prepared to raise the policy rate further if inflation prospects deteriorate.
Monetary policy has contributed to inflationary pressures in the Swedish economy being on their way down: the short-term rate of increase in consumer prices is lower than before and companies are making downward adjustments to their plans to raise prices. However, inflation remains too high and there are still risks that it will not fall fast enough going forward. Prices for services are increasing at a rapid pace and contributing significantly to total inflation. In addition, the krona is still unjustifiably weak, which is holding up the rate of price increase for goods.
As a result of the implemented policy rate hikes, demand in the Swedish economy is slowing down. The slowdown of the economy is now also beginning to reach the labour market. GDP is expected to continue falling for some time to come, at the same time as developments in the labour market slow down somewhat further. The lower activity in the Swedish economy, together with an expected strengthening of the krona exchange rate, will contribute to inflation falling towards the target during the course of next year.
The forecast for the policy rate is that it may be raised further at the start of next year and that monetary policy needs to be contractionary for a relatively long period of time for inflation to fall back and stabilise close to the target of 2 per cent. New information and how it is assessed to affect the economic outlook and inflation prospects 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 23 November 2023: Policy rate held unchanged at 4 per cent
(pdf | 708,5 kB)
Monetary Policy Report November 2023
(pdf | 5,8 MB)
Numerical data: Monetary Policy Report November 2023
(xlsx | 1,9 MB)
Monetary policy decision November 2023: Policy rate decision
(pdf | 655,4 kB)
Article: The pass-through of the krona to inflation appears to have been larger than usual
(pdf | 1009,3 kB)
Slides from the press conferense 23 November 2023
(pdf | 2 MB)
Next monetary policy decision?
The next monetary policy meeting will take place on 31 January 2024 and information on the monetary policy decision, including the policy rate, will be communicated the day after, 1 February 2024.
Related content
Minutes of the Monetary Policy Meeting held on 22 November 2023
(pdf | 820 kB)
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 23/11/2023