Swiss Consumer Prices Rise For First Time In Over 2 Years

Swiss consumer prices increased by 0.3 percent year-on-year in January 2017 after showing no growth in the previous month and in line with market expectations. It was the first positive annual inflation since August 2014 and the highest reading since September 2011, mainly due to rising energy prices.

Compared with January 2016, transport prices rose by 1.3 percent, recovering from a 0.3 percent drop in the previous month, as cost of fuel and energy jumped 8.1 percent after rising by 3.6 percent in December. Additional upward pressure came from: Housing and utilities (1.6 percent from 1.5 percent in December); food and non-alcoholic beverages (0.9 percent, the same as in December); and recreation and culture (0.2 percent from -0.1 percent). By contrast, prices of health continued to decline (-0.6 percent, the same as in December).

On a monthly basis, consumer prices were unchanged after falling 0.1 percent in December and beating market consensus of a 0.1 percent drop, as sharp decline of prices of clothing and footwear (-7.4 percent) offset an increase in cost of restaurants and hotels (1.4 percent) and transportation (0.5 percent).

Swiss Federal Statistical Office | Joana Ferreira |
2/14/2017 9:00:01 AM