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Financial News: Swiss Inflation Eases More Than Forecast

Swiss Inflation Eases More Than Forecast

11/03/2022 - 05:19:00 (RTTNews)

(RTTNews) - Switzerland's consumer price inflation eased more-than-expected in October to reach its lowest level in five months, data from the Federal Statistical Office showed on Thursday.

Consumer prices rose 3.0 percent year-on-year in October, slower than the 3.3 percent increase in September. Economists had expected inflation to drop fractionally to 3.2 percent.

Further, this was the lowest inflation rate since May, though well above the Swiss National Bank's 0-2 percent target range.

Among major groups, transport costs alone grew 6.7 percent annually in October and those for housing and energy climbed 4.5 percent.

Prices for food and non-alcoholic beverages were 4.2 percent more expensive compared to last year.

On a monthly basis, consumer prices edged up 0.1 percent in October, reversing a 0.2 percent fall in September, which was the first fall in nine months.

Data also showed that core consumer prices moved up 1.8 percent from last year, while they showed no variations from a month ago.

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