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Financial News: Swiss Inflation At 29-Year High

Swiss Inflation At 29-Year High

07/04/2022 - 06:20:00 (RTTNews)

(RTTNews) - Switzerland's consumer price inflation rose to the highest level since 1993, data from the Federal Statistical Office showed on Monday.

Consumer prices rose by more-than-expected 3.4 percent year-on-year in June, following a 2.9 percent increase May. Economists had expected the rate to climb to 3.2 percent.

A higher rate of inflation was last seen in October 1993.

On a monthly basis, consumer prices rose 0.5 percent in June, after a 0.7 percent increase in the previous month. Economists had forecast a rise of 0.3 percent.

Prices for fuels, heating oil and fruiting vegetables increased in June from last month, data showed. In contrast, prices for red wines and salads declined.

The core CPI, excluding prices of fresh and seasonal products, energy and fuel, increased 1.9 percent annually in June and rose 0.2 percent from a month ago.

Imported inflation was 8.5 percent annually in June.

The EU measure of harmonized index of consumer prices, or HICP, rose 0.5 percent on a monthly basis in June and grew 3.2 percent from a year ago.

David Oxley, an economist at Capital Economics, said while Swiss inflation remains much lower than in the euro-zone, today's data will do nothing to ease the concerns of policymakers at the Swiss National Bank, who worried out loud in June that inflation was "spreading more broadly to goods and services in Switzerland".

After lifting the rate in June, there is a good chance it will lift it into positive territory before the next scheduled meeting, in September - possibly after the imminent European Central Bank rate rise, on July 21, the economist said.

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