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Financial News: Swiss Inflation, Jobless Rate Steady In January

Swiss Inflation, Jobless Rate Steady In January

02/10/2020 - 06:57:00 (RTTNews)

(RTTNews) - Switzerland's consumer price inflation remained stable in January, data from the Federal Statistical Office showed on Monday.

Separately, the State Secretariat for Economic Affairs, or SECO, reported that the jobless rate remained unchanged in January.

The consumer price index rose 0.2 percent year-on-year in January, same as in December. This was in line with economists' expectation.

On a monthly basis, consumer prices fell 0.2 percent in January, after remaining unchanged in the previous month. This was also in line with economists' expectation.

The monthly decline was due to a decrease in prices of clothing and footwear due to seasonal sales and for medicines and international package holidays. Meanwhile, prices for hotel accommodation and cars increased.

The core inflation was 0.2 percent in January. Economists had expected a 0.4 percent.

On a month-on-month basis, the core CPI declined 0.5 percent in January.

The EU measure of harmonized index of consumer prices, or HICP fell 0.4 percent monthly in January. Economists had expected a 0.1 percent rise.

The HICP rose 0.2 percent monthly in January. Economists had expected a fall of 0.1 percent.

The jobless rate held steady at a seasonally adjusted 2.3 percent in January, SECO said, in line with expectations.

On an unadjusted basis, the unemployment rate rose to 2.6 percent in January from 2.5 percent in the prior month. This was in line with economists' expectations.

In January, the number of unemployed people increased by 2,944 from the previous month to 121,018.

The youth unemployment rate, which applies to the 15 to 24 age group, remained unchanged at 2.4 percent in January.

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