Why is the Swedish inflation too low? Because the monetary and property bubble the Riksbank inflated during recent years has been inflated in a slower pace recently. It has not been even deflating:
As a result of the monetary and credit inflation, Swedish households are heavily indebted, especially in certain areas:
This is quite a mountain of debt, isn't it? I am not suprised that Swedish central bankers are nervous. However, they should not have allowed the debt binge in the first place. The problem is they have been using a wrong inflation measure: the Consumer Price Index. A big mistake.