For the first time in history, the average price of a pastry known as a semla in Stockholm has exceeded 60 Swedish kronor, according to Nordea's annual semla index. This year, the price increase stands at 2%, indicating a more stable market compared to previous years. Anders Stenkrona, a private economist at Nordea, pointed out that despite the higher price, it has now risen in line with inflation for the first time in several years. In contrast to last year's disparity, where the price of semla surged beyond the consumer price index (CPI), this year the growth appears more measured.

In 2025, the price of Stockholm’s semla increased by 4%, followed by a 6% rise the year before. The sharpest increase recorded was in 2023, where the price jumped by 10%. A closer analysis highlights that the price rise is primarily driven by the costs of the semla's filling, notably the increase in cream and almond paste prices, while the costs of essential ingredients like sugar, flour, and eggs have decreased, leading to a net price increase for the semla.

Overall, while the semla’s price has reached a record high, recent trends suggest a transition towards stabilization, reflecting broader economic trends and changing ingredient costs. The annual semla index serves as an insightful barometer of consumer price trends, and in the context of inflation, it provides a unique glimpse into how gourmet pastries are influenced by global economic conditions.