Consumer prices in Sweden, measured with a fixed interest rate, rose 0.1 percent in November from the previous month and were up 3.6 percent from the same month last year, well below market expectations, the statistics office (SCB) said on Thursday.

The central bank targets 2 percent CPIF inflation.

Stripping out volatile energy prices, a measure the central bank is putting extra weight on at the moment - inflation was 5.4%, below the Riksbank's forecast of 5.9%.

Headline inflation was in line with the Riksbank's forecast. Analysts had expected headline inflation of 3.9% and ex-energy inflation of 5.9%.

In October, inflation was 4.2% and 6.1% respectively.

At its most recent meeting in November, when it held the policy rate unchanged at 4.00%, the Riksbank said it could still hike again if the outlook for inflation deteriorated, but markets expect the hiking cycle is now over.

(Reporting by Simon Johnson; editing by Niklas Pollard)