Bloomberg said that Sweden’s krona fell to its weakest level against the euro in more than five months after data released on Dec. 13 showed consumer prices fell for the first time in three years and unemployment rose.

“The Riksbank will cut rates in December” as Sweden is “heading towards deflation,” said Per Sellden, an analyst at Swedbank in a note before the report.

The krona dropped 1.8 percent to 8.7885 per euro, reaching its lowest level since June 28.