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MNI (London)
SWITZERLAND JAN CPI +0.6% M/M (FCST +0.5); DEC -0.2% M/M
SWITZERLAND JAN CPI +3.3% Y/Y (FCST +3.1%); DEC +2.8% Y/Y
SWITZERLAND JAN CORE CPI +2.2% Y/Y; DEC +2.0% Y/Y
- Rising energy prices boosted Swiss inflation to +0.6% m/m and +3.3% y/y, outpacing expectations by 0.2pp on the annualised measure. Hotels and food products prices also ticked up.
- Core inflation was stable on the month, yet accelerated by 0.2pp to +2.2% y/y.
- This data is based on the new weighting system drawn from Dec 2021-Nov 2022 consumption surveys and base-year 2020. Restaurants and hotels, recreation/culture and transport have been more heavily weighted (in part boosting the headline figure), whilst food, healthcare and rents have been assigned less weight.
- Despite remaining globally low, sticky inflation is of great concern to the SNB after the almost three-decade high of +3.5% y/y in August. This upside surprise could see the SNB more inclined to hike 50bp at the March 23 meeting. At current a 25bp hike remains the more likely option.
Source: SWISS FEDERAL STATISTICAL OFFICE
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