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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SWITZERLAND DATA
MNI (London)
- Swiss CPI jumped 0.5pp in June to +3.4% y/y, outpacing consensus estimates of a more modest 0.2pp rise to 3.2% y/y. The harmonised rate saw a similar 0.5pp bounce to +3.2% y/y. Core inflation ticked up a further 0.2pp to +1.9% m/m, testing the 2% maximum inflation rate targeted by the SNB.
- On the month, prices accelerated by 0.5pp, also faster than expectations albeit a slowdown from +0.7% m/m seen in May. Energy prices continue to be the key upwards driver, whereby heating oil saw a record price increase in June. Fresh produce prices contributed to the 1.1% m/m jump in food inflation.
- Despite inflation in Switzerland remaining relatively low compared to neighbouring countries, this is a substantial acceleration , and even the pre-June measures prompted the SNB to surprise markets with a 0.5pp hike last month in anticipation of building inflationary pressures. Imported product prices rose 1.2% m/m alone, jumping 8.5% y/y in June and adding significant pressure to domestic prices and the franc.
Source: Swiss Federal Statistical Office
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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