据初步估计，2025年10月，瑞典的年通货膨胀率保持在0.9%不变。这一数字略高于0.8%的市场预测，但仍低于瑞典央行2%的目标。按月计算，消费者价格指数在上个月持平并超过0.1%的涨幅预测后，上涨了0.3%。与此同时，瑞典央行的目标指标——固定利率CPI（CPIF）在10月份同比增长3.1%，与9月份的增长速度相同，高于2.9%的预期。

Sweden’s annual inflation rate was unchanged at 0.9% in October 2025, according to a preliminary estimate. The figure was slightly above market forecasts of 0.8% but remained below the Riksbank’s 2% target. On a monthly basis, consumer prices increased by 0.3%, after a flat reading in the previous month and topping forecasts of a 0.1% gain. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riksbank’s target measure, rose by 3.1% year-on-year in October, the same pace as in September, coming in above expectations of a 2.9% increase.

正如普遍预期的那样，瑞典央行在10月份的会议上将政策利率保持在1.75%不变，以支持经济活动，并引导通胀达到2%的中期目标。政策制定者表示，借贷成本可能会在一段时间内保持在这一水平。虽然通货膨胀率仍高于目标，但与9月份的预测基本一致，这强化了当前价格压力是暂时的观点。第三季度经济增长略强于预期，尽管劳动力市场继续显示疲软迹象。瑞典央行还强调了可能影响未来政策决策的几个风险，包括家庭消费趋势、更具扩张性的财政措施的潜在影响，以及地缘政治和贸易相关的不确定性加剧。

Sweden’s central bank kept its policy rate unchanged at 1.75% during its October meeting, as widely expected, to support economic activity and guide inflation toward its 2% medium-term target. Policymakers indicated that borrowing costs are likely to remain at this level for some time. While inflation remains above target, it has declined broadly in line with the September forecast, reinforcing the view that the current price pressures are temporary. Economic growth was slightly stronger than anticipated in the third quarter, though the labor market continues to show signs of weakness. The Riksbank also highlighted several risks that could influence future policy decisions, including household consumption trends, potential effects of more expansionary fiscal measures, and heightened geopolitical and trade-related uncertainties.

瑞典的服务业采购经理人指数从9月份向上修正的57.9降至2025年10月的55.4，这是三年多来的最高水平。尽管有所下降，但最新数据仍表明服务业强劲扩张，这得益于新订单（59.9比58.3）和计划业务产出（64.7比62）的强劲增长。然而，业务量增长明显放缓（54.2比61.8），而就业指数回落至负值区域（47.4比52.7），表明招聘减少。价格压力也加剧，原材料和中间产品价格指数从9月的53.9升至55.7，为去年春季以来的最高水平。负责PMI分析的Jörgen Kennemar表示：“从长远来看，瑞典央行的低利率和更具扩张性的财政政策可能会支持服务业，并可能已经反映在服务公司的商业计划中，这些计划在10月继续增长。”。

The Services PMI in Sweden fell to 55.4 in October 2025 from an upwardly revised 57.9 in September, which had marked the highest level in over three years. Despite the decline, the latest reading still signaled robust expansion in the services sector, supported by a stronger rise in new orders (59.9 vs 58.3) and planned business output (64.7 vs 62). However, business volume growth slowed notably (54.2 vs. 61.8), while the employment index slipped back into negative territory (47.4 vs. 52.7), indicating reduced hiring. Price pressures also intensified, with the index for raw and intermediate goods prices rising to 55.7 from 53.9 in September, the highest level since last spring. “Lower interest rates from the Riksbank and a more expansionary fiscal policy may, in the long term, support the services sector and may already be reflected in the business plans of service companies, which continued to increase in October,” said Jörgen Kennemar, responsible for the analysis of the PMI.

瑞典的经济趋势指标从9月份的97.8上升到2025年10月的100.8，自2022年7月以来首次超过历史平均水平。零售贸易情绪飙升至114.4，反映出过去强劲的销售和对未来三个月的乐观预期，尽管就业和价格预期仍然低迷。服务业信心改善至102.7，酒店、餐馆和旅行社领涨，而人员租赁仍弱于正常水平。尽管订单积压减弱，但受生产计划的支撑，制造业信心微涨至100.2。尽管一年期预期达到2016年以来的最高水平，但建筑业信心仍低于正常水平，为97.4。消费者信心连续第六个月升至96.8，但对大宗购买仍持谨慎态度。

The Economic Tendency Indicator in Sweden rose to 100.8 in October 2025 from 97.8 in September, surpassing its historical average for the first time since July 2022. Retail trade sentiment surged to 114.4, reflecting strong past sales and optimistic expectations for the next three months, though employment and price expectations remain subdued. Service sector confidence improved to 102.7, led by hotels, restaurants, and travel agencies, while personnel leasing remained weaker than normal. Manufacturing sentiment edged up to 100.2, supported by production plans despite weaker order backlogs. Construction confidence stayed below normal at 97.4, though one-year expectations reached their highest since 2016. Consumer confidence rose to 96.8 for the sixth consecutive month but remains cautious on major purchases.