Globalization and increased international trade have shaped economic development in recent decades. In Sweden, imports as a share of GDP have risen steadily since the early 1990s. This development has raised questions about how import prices and increased trade with low cost countries like China may influence domestic inflation. The purpose of this study is to examine the relationship between import prices and inflation in Sweden, and whether the rising share of imports from China can help explain inflation trends between 1992 and 2024. Sweden was chosen as the case study due to its historically low inflation and open economy. The analysis is based on a multiple linear regression model inspired by the Neoclassical Phillips Curve, where adaptive inflation expectations, the unemployment gap, and import price index (IMPI) are included as explanatory variables. In the final model, China’s share of Sweden’s total goods imports is also added as a proxy for globalization. The results show that adaptive inflation expectations are the most significant factor in explaining Swedish inflation. Import prices are only significant in the basic model, suggesting a limited effect when other variables are accounted for. Interestingly, China’s share of imports is negatively associated with inflation in the full model, although the relationship is not statistically significant at the 5% level. This aligns with theory, but due to non stationarity and model limitations, the result should be interpreted with caution. Overall, the study highlights the importance of inflation expectations while providing tentative support for the idea that globalization has helped moderate inflation through increased trade with China.