瑞典的年通货膨胀率在2025年2月加速至1.3%，与初步估计一致，高于1月份的0.9%。这标志着三个月来的最高读数，但仍低于瑞典央行2%的目标。食品和非酒精饮料（1月份为3.9%对2.2%）以及娱乐和文化（2.2%对1.3%）的价格增长加快。相比之下，最大的下行贡献来自住房和公用事业（-0.4%对-0.9%）以及家具和家居用品（-0.1%对-0.3%）的持续通货紧缩。按月计算，消费者价格指数上涨0.6%，在经历了两个月的停滞后反弹，这是自2023年12月以来的最大涨幅。与此同时，固定利率（瑞典央行的目标指标）的CPI同比上涨2.9%，为2024年1月以来的最高水平，高于1月份的2.2%。它也出现了两年来最大的月度增长，从1月份的0.4%增长了0.9%。

The annual inflation rate in Sweden accelerated to 1.3% in February 2025, in line with preliminary estimates, up from 0.9% in January. This marks the highest reading in three months but remains below the Riksbank’s 2% target. Price growth accelerated for food and non-alcoholic beverages (3.9% vs. 2.2% in January) and recreation and culture (2.2% vs. 1.3%). In contrast, the largest downward contribution came from continued deflation in housing and utilities (-0.4% vs. -0.9%) and furnishings and household goods (-0.1% vs. -0.3%). On a monthly basis, consumer prices rose 0.6%, rebounding after two months of stagnation and marking the largest increase since December 2023. Meanwhile, the CPI with a fixed interest rate (the Riksbank’s target measure) rose 2.9% year-on-year, the highest since January 2024, up from 2.2% in January. It also saw the biggest monthly increase in two years, rising 0.9% from 0.4% in January.

SEK：鹰派重新定价后的一些温和风险-ING。瑞典央行执行委员会今天上午在议会作证，这可能会成为一些影响市场的头条新闻。ING外汇分析师Francesco Pesole指出，市场已大幅转向鹰派，现在预计该行将完成宽松政策。

SEK: Some dovish risks after hawkish repricing – ING.The Riksbank's Executive Board testifies before parliament this morning, and that can bring about some market-moving headlines. Markets have heavily shifted on the hawkish side of the spectrum and now expect the Bank to be done with easing, ING's FX analyst Francesco Pesole notes.

2025年1月，瑞典家庭支出环比下降0.7%，而2024年12月为0.3%。服装和鞋类（12月为-3.9%对6.2%）以及食品和饮料（-0.1%对0.9%）的支出下滑。与此同时，运输和零售销售以及机动车服务（11.6%对-8.6%）和家具、家具、家用设备和消耗品（1.5%对-0.4%）的消费出现反弹，而住房和公用事业的消费则有所下降（-0.2%对-1.3%）。按年度计算，2025年1月家庭支出增长了0.1%，低于前一个月向上修正的0.8%的增长。

Household spending in Sweden dropped by 0.7% month-on-month in January 2025 from 0.3% fall in December 2024. Spending slipped for clothing and footwear (-3.9% vs 6.2% in December) and food and beverages (-0.1% vs 0.9%). Meanwhile, consumption rebounded for transport and retail sales and service of motor vehicles (11.6% vs -8.6%) and furniture, furnishings, household equipment and consumables (1.5% vs -0.4%), while it decreased at a softer pace for housing and utilities (-0.2% vs -1.3%). On a yearly basis, household spending rose 0.1% in January 2025, easing from an upwardly revised 0.8% gain in the preceding month.

2025年1月，瑞典工业生产同比下降2.1%，扭转了上个月向上修正的10.1%的增长。制造业产出下降（-3%对12月的11.5%）以及电力、天然气、蒸汽和热水产量下降（-5%对-0.3%）在较小程度上推动了经济衰退。相比之下，采矿和采石业（21.5%对-8.8%）和水利工程（5.5%对-0.3%）的活动大幅反弹。经季节性调整的月度数据显示，1月份工业产出收缩7.6%，为2022年8月以来的最大跌幅，此前12月份上调了7%的增长率。

Industrial production in Sweden fell by 2.1% year-on-year in January 2025, reversing an upwardly revised 10.1% growth in the previous month. The downturn was driven by lower manufacturing output (-3% vs. 11.5% in December) and, to a lesser extent, electricity, gas, steam, and hot water production (-5% vs. -0.3%). In contrast, activity rebounded sharply in mining and quarrying (21.5% vs. -8.8%) and water works (5.5% vs. -0.3%). On a seasonally adjusted monthly basis, industrial output contracted 7.6% in January, the steepest drop since August 2022, following an upwardly revised 7% growth in December.