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Sweden lowers key interest rate to 2.75% in the largest single cut in over 10 years

Posted on November 8, 2024 |

On November 7, Sweden’s central bank reduced its key interest rate by 0.5%, bringing it down to 2.75%—the largest cut in over 10 years—to support the economy and reach its inflation goal.

This marks the fourth rate cut this year as the central bank has progressively eased policy in response to low inflation and weak economic growth.

In October, Sweden’s inflation rate stood at 1.6%, below the bank’s target of 2%, while unemployment, seasonally adjusted, reached 8.5% in the third quarter of 2024.

In September, the bank made a smaller rate cut of 0.25%, but the November cut represents a more significant adjustment.

Sweden's inflation had reached a peak of 12.0% in February 2023, with rates now steadily declining as inflation pressures subside.

Meanwhile, Norway’s central bank chose to keep its policy rate unchanged at 4.5%, taking a different approach from Sweden’s recent cuts.

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