Per Jansson in London on the economic situation
Presentation Last week, the Executive Board left the policy rate unchanged at 1.75 per cent and signalled that if the outlook for inflation and economic activity remains unchanged, it is expected that increases to the rate will begin this year. In London, Deputy Governor Per Jansson spoke at Nordea and the Swedish Chamber of Commerce for the United Kingdom about the economic situation and his reasoning behind the decision.
Date: 30/09/2026 09:35
Speaker: Deputy Governor Per Jansson
Place: Swedish Chamber of Commerce, London
Per Jansson, deputy governor.
Growth in the Swedish economy has been both strong and broad-based. At the same time, supply disruptions abroad have meant that prices for various oil products have continued to rise. “At the monetary policy meeting, I concluded that the risk of a demand-driven rise in inflation had increased since August. The combination of rising demand and constraints and shortages on the supply side of the economy is dangerous from an inflation perspective. In addition the krona has depreciated.”
Jansson therefore considered it appropriate to revise up the Riksbank’s policy-rate forecast relatively significantly. “But inflation is, on the whole, fairly moderate at the outset. At our meeting in September, I argued that, in a world of considerable uncertainty, it was prudent to make full use of the scope this provides and not raise the rate at that stage.”
The revision to the forecast is not insignificant, but nor is it dramatically large, Jansson said. “Essentially, it still reflects a normalisation of the policy rate in an economy that is gradually improving.”