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Financial News: Swiss Inflation Remains At 1.4%

Swiss Inflation Remains At 1.4%

06/04/2024 - 04:26:00 (RTTNews)

(RTTNews) - Switzerland's consumer prices posted a steady increase in May, the Federal Statistical Office reported Tuesday.

The consumer price index grew 1.4 percent on yearly basis, the same rate as seen in April.

On a monthly basis, consumer prices advanced 0.3 percent due to several factors including rising prices for housing rentals and for international package holidays. While prices of various fresh vegetables and petrol logged price increases, prices for heating oil and foreign red wine decreased in May.

Core consumer prices gained 0.2 percent on month, taking the annual inflation to 1.2 percent in May.

The Swiss National Bank expects overall consumer prices to gain 1.4 percent this year and 1.2 percent in 2025.

At the quarterly March meeting, the <a href=https://www.rttnews.com/3433909/switzerland-s-central-bank-unexpectedly-cuts-policy-rate.aspx target=_blank >SNB</a> had lowered its policy rate by a quarter point to 1.5 percent as the fight against inflation over the last two and a half years had been effective.

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