Sweden Consumer Price Index with a Fixed Interest Rate (CPIF) y/y is calculated based on the same data that is used for the main CPI calculation. However, the direct impact of changes in the monetary policy is excluded from the calculation. It is believed that the Riksbank's monetary policy affects the CPI through changes in mortgage rates. However, these changes are not connected with the underlying inflationary pressure.
Riksbank uses the CPIF as target variable for the inflation target, as this index provides a more accurate reflection of the main inflationary trends. The index growth can be seen as positive for the SEK quotes.