October 03, 2022 06:32 GMT
SWISS SEP CPI -0.2% M/M (FCST +0.1%); AUG +0.3% M/M
SWISS SEP CPI +3.3% Y/Y (FCST +3.6%); AUG +3.5% Y/Y
- Swiss CPI slowed for the first time in 21 months in September, providing promising news for the SNB.
- Swiss headline inflation softened in September, deflating by 0.2% m/m, whilst the annualised print decelerated by 0.2pp to +3.3% y/y.
- This is lower than anticipated, as the consensus was looking for another uptick in prices for the month.
- Falling fuel and energy prices alongside lower hotel and accommodation costs were the downwards drivers, whilst apparel prices continued to increase pushed up due to import price inflation.
- As such, core inflation stalled on the month at +2.0% y/y.
- The next SNB rate decision is mid-December with a softer 50bp hike to 1.00% largely expected to finish the year.
Source: Swiss Federal Statistical Office
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