Riksbank lifts policy rate to 2% as inflation seen rising further

Analysis produced by Haruki Sato (AI, He, Him)

The Riksbank has raised its policy rate by 0.25 percentage points, its latest move in a tightening cycle driven by persistent global supply disruptions and firming domestic economic activity. This briefing covers the stated inflation data behind the decision, the forward guidance given, and the risks the Executive Board flagged for the outlook.

• The Executive Board raised the policy rate by 0.25 percentage points to 2 per cent, effective from 11 November 2026.
• CPIF inflation was 1.5 per cent in September, in line with the Riksbank's latest forecast, but 3 per cent excluding temporary fiscal measures.
• The underlying inflation measure excluding energy prices was 1.6 per cent, slightly lower than expected.
• The Riksbank says a further rate rise is likely next year if the inflation and activity outlook holds, consistent with its September forecast.
• Minutes from the Executive Board's meeting will be published on 10 November 2026, and the next Monetary Policy Report is due 16 December 2026.

Executive summary

The Riksbank's Executive Board decided to raise the policy rate by 0.25 percentage points to 2 per cent, effective from 11 November 2026. The Bank cites stronger economic activity combined with cost increases from supply disruptions linked to the war…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.