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Inflation Higher On Imported Products

SWITZERLAND DATA
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Swiss CPI inflation printed higher than expected at 1.4% Y/Y in April (vs 1.1% cons; 1.0% prior), and 0.3% M/M (vs 0.1% cons; 0.0% prior). Core CPI came in also higher at 1.2% Y/Y (vs 0.9% cons; 1.0% prior). We had flagged upside risks to core in our preview yesterday.

  • For the Y/Y headline rate, this marks the first increase after three consecutive declines.
  • Re the categories in focus, predominatnely imported inflation realized its expected uptick, at -0.4% Y/Y vs -1.3% Y/Y in March.
  • The overall residential rents category (incl. both the actual rental price index and owner-occupied housing) printed flat however vs March at 2.8% Y/Y. The contribution of the housing and energy category rose from 0.82pp to 0.85pp, meanwhile.
  • Services inflation remained at +2.0% Y/Y, which means that all of the increase in both headline and core CPI is from the goods side.
  • The print opens up some upside risks to the current SNB forecast for Q2 2024 of 1.4%, as rental price inflation might accelerate in the coming months.

MNI, SECO


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Swiss CPI inflation printed higher than expected at 1.4% Y/Y in April (vs 1.1% cons; 1.0% prior), and 0.3% M/M (vs 0.1% cons; 0.0% prior). Core CPI came in also higher at 1.2% Y/Y (vs 0.9% cons; 1.0% prior). We had flagged upside risks to core in our preview yesterday.

  • For the Y/Y headline rate, this marks the first increase after three consecutive declines.
  • Re the categories in focus, predominatnely imported inflation realized its expected uptick, at -0.4% Y/Y vs -1.3% Y/Y in March.
  • The overall residential rents category (incl. both the actual rental price index and owner-occupied housing) printed flat however vs March at 2.8% Y/Y. The contribution of the housing and energy category rose from 0.82pp to 0.85pp, meanwhile.
  • Services inflation remained at +2.0% Y/Y, which means that all of the increase in both headline and core CPI is from the goods side.
  • The print opens up some upside risks to the current SNB forecast for Q2 2024 of 1.4%, as rental price inflation might accelerate in the coming months.

MNI, SECO