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EUROPEAN INFLATION: Swiss Oct CPI Drop Appears Broad-Based

EUROPEAN INFLATION
SwitzerlandCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Swiss CPI inflation printed below consensus at 0.6% in October (vs 0.8% cons; 0.8% prior), and 0.0% M/M (vs 0.0% cons; -0.3% prior). Core CPI also printed significantly below consensus, at 0.8% Y/Y (vs 1.0% cons and prior) and +0.1% M/M.

  • This means inflation started off Q4 significantly below the 1.0% Y/Y SNB expectation for this quarter.
  • The main categories appear to indicate that the headline drop vs September was quite broad based:
    • Domestic 1.8% vs 2.0% prior
    • Imported -3.1% vs -2.7% prior
    • Services 1.9% vs 2.1% prior
    • Goods -1.3% vs -0.9% prior
    • Energy and fuels -1.9% vs -0.6% prior
  • Housing rental inflation did not see its quarterly price update this month (due November).
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Swiss CPI inflation printed below consensus at 0.6% in October (vs 0.8% cons; 0.8% prior), and 0.0% M/M (vs 0.0% cons; -0.3% prior). Core CPI also printed significantly below consensus, at 0.8% Y/Y (vs 1.0% cons and prior) and +0.1% M/M.

  • This means inflation started off Q4 significantly below the 1.0% Y/Y SNB expectation for this quarter.
  • The main categories appear to indicate that the headline drop vs September was quite broad based:
    • Domestic 1.8% vs 2.0% prior
    • Imported -3.1% vs -2.7% prior
    • Services 1.9% vs 2.1% prior
    • Goods -1.3% vs -0.9% prior
    • Energy and fuels -1.9% vs -0.6% prior
  • Housing rental inflation did not see its quarterly price update this month (due November).