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Inflation Cools in March, Core Eases

SWITZERLAND DATA
MNI (London)

SWISS MAR CPI +0.2% M/M (FCST +0.4%); FEB +0.7% M/M

SWISS MAR CPI +2.9% Y/Y (FCST +3.2%); FEB +3.4% Y/Y

SWISS MAR CORE CPI +0.2% M/M, +2.2% Y/Y (FCST +2.5%); FEB +2.4% Y/Y

  • Swiss headline inflation was softer than expectations in March, increasing by a modest +0.2% m/m (vs +0.4% expected) and cooling by 0.5pp to +2.9% y/y; three tenths lower than consensus.
  • Services prices were steady in March, whilst goods cooled by 0.9pp to +4.5% y/y assisted by cooling energy prices.
  • Core inflation eased by a substantial 0.3pp to +2.2% y/y in March, against expectations of a 0.1pp uptick.
  • This follows the surprise acceleration in February which contributed to fuel for a 50bp March hike.
  • Consensus has been looking for a further 25bps hike by the SNB in June, bringing rates to a possible cycle peak of 1.75%.
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