28 The Riksbank's focus on CPIFXE in connection with the April meeting resulted in questions on whether the Riksbank was changing target variable or rudder once again. This is not the case. Another example is from September 2018. Nyhetsbyrån Direkt writes: 29 CPIFXE inflation (the CPIF excluding energy), the measure on which the Riksbank is currently focusing a lot on, … I have quoted two examples here but there are more. The measure that was intended to make it easier for us to understand and to help us in our monetary policy decision-making has instead come to be perceived as the actual target for monetary policy. For my part, I handle the trade-off between taking in other measures than actual inflation in the assessment and being clear that CPIF inflation is the target for monetary policy as follows. The desirable properties for an underlying measure as I described earlier in my speech are very important to me. The underlying measures I analyse are of decisive significance when assessing the development of inflation. And I can say here that CPIF excluding energy does not fare well in the competition. 28  Handelsbanken Capital Markets, Ränterullen 25 June 2018. 29 19 October 2018. 15 [19]  In my speeches and presentations on monetary policy, I have in principle always referred to CPIF inflation. When I have included underlying measures, they have never been alone. This has been my way of emphasising that it is CPIF inflation –nothing else – that is the target for monetary policy.
Figure 7 plots the volatility of four price indices over time. The standard deviations here are calculated over a moving 36-month period 25. The figure shows that volatility has different levels during different periods. The prices of Swedish-produced fruit and vegetables varied more in 1995-2019 than between 2005 and 2019. The volatility of prices of coffee and cocoa has increased again after being quite low over a 15-year period. The price movements on books have become much more volatile in recent years. 26 The same applies to prices for foreign travel. 27 The changed volatility can often depend on changes in measuring methods. A new way of measuring prices of foreign air travel, for instance, has contributed to a new seasonal pattern with a higher volatility in recent years. Figure 7. Rolling standard deviation for different price indices  Annual percentage change 35  35  30  30  25  25  20  20  15  15  10  10  5  5  0  95  97  99  01  03  05  07  09  11  13  15  17  19  0  Fruits and vegetables, Swedish Coffee and cocoa Books Air travel Sources: Statistics Sweden and the Riksbank  25 The calculations are based on annual percentage changes. 26 The price measurement for books was changed in 2007.