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Financial News: Swiss Inflation Lowest Since Late 2021

Swiss Inflation Lowest Since Late 2021

04/04/2024 - 03:44:00 (RTTNews)

(RTTNews) - Swiss consumer price inflation unexpectedly weakened to the lowest since September 2021, the Federal Statistical Office said on Thursday.

Consumer prices logged an annual increase of 1.0 percent in March, following a 1.2 percent rise in February. This was the lowest since September 2021, when the rate was 0.9 percent. Economists had forecast prices to climb 1.3 percent.

On a monthly basis, the consumer price index remained flat. Core consumer prices gained 0.1 percent on month in March and increased 1.0 percent from the same period last year.

Housing and energy prices moved up 3.2 percent, while food and non-alcoholic beverages prices slid 0.4 percent and clothing and footwear prices edged down 0.1 percent.

Capital Economics' economist Adrian Prettejohn said another fall in inflation reinforces the assessment that the central bank will cut rates by a further 50 basis points this year.

There is a growing chance that the Swiss National Bank will act at its next meeting in June, the economist added.

In March, the <a href=https://www.rttnews.com/3433909/switzerland-s-central-bank-unexpectedly-cuts-policy-rate.aspx target=_blank >SNB</a> unexpectedly reduced the policy rate by 25 basis points to 1.50 percent.

The SNB forecast consumer prices to rise 1.4 percent this year and 1.2 percent in 2025.

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