STOCKHOLM: A pick up in inflation and inflation expectations at the start of the year is not a surprise and underlying price pressure will remain low, central bank Deputy Governor Martin Floden said on Monday.

"Inflation expectations... have risen quite strongly in the US, in Sweden and in the euro zone," Floden said in a speech.

"Our judgement is that inflation pressure is, nevertheless, weak and will remain weak for a while and we must therefore continue to have expansionary monetary policy."