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Main Indicator: Consumer Price Index m/m
Most Recent Release
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Actual | Forecast | Previous | Revised Form | |
| -0.4% | -0.5% | 0.2% | N/A | ||
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For July
CPI y/y: 3.1%, forecast 3.0%, pr. 2.9% (Jun), 2.9% (May), 2.3% (Apr) Annual consumer inflation hit a 15-year high of 3.1%, even as the monthly rate for July decreased 0.4% as a result of retailers cutting prices for clothes and shoes in summer sales. The Swiss National Bank has been on the sidelines recently in regards to interest rates, even as the ECB raised rates to counter inflationary pressures. Recent economic data has not been flattering for the Swiss economy, so an interest rate hike will come in the face of slowing activity. Still, policy member may feel it is necessary if inflation keeps climbing.
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Table of Past Data
| 11/2 | 11/30 | 1/4 | 2/8 | 3/4 | 4/4 | 5/6 | 6/3 | 7/3 | 7/31 | ||
| Actual | 0.9% | 0.5% | 0.2% | -0.3% | 0.1% | 0.3% | 0.8% | 0.8% | 0.2% | -0.4% | |
| Forecast | 0.8% | 0.2% | 0.1% | -0.4% | 0.2% | 0.2% | 0.8% | 0.4% | 0.4% | -0.5% | |
| Previous | 0.1% | 0.9% | 0.5% | 0.2% | -0.3% | 0.1% | 0.3% | 0.8% | 0.8% | 0.2% | |
| Revised From | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Past Releases
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Actual | Forecast | Previous | Revised Form | |
| 0.2% | 0.4% | 0.8% | N/A | ||
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For June
CPI y/y: 2.9%, forecast 3.1%, pr. 2.9% (May), 2.3% (Apr), 2.6% (Mar) Swiss consumer inflation stayed an annual pace of 2.9%, the fastest pace in 15 years. However, it was expected to increase further, and the monthly rate also undershot expectations, cooling to a 0.2% rate compared to 0.8% in May. Surging oil prices are pushing up energy costs, while adding to production costs and transportation. Excluding food and energy, prices increased 1.2% compared to last year and slid 0.3% today. |
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Actual | Forecast | Previous | Revised Form | |
| 0.8% | 0.4% | 0.8% | N/A | ||
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For May
CPI y/y: 2.9%, forecast 2.4%, pr. 2.3% (Apr), 2.6% (Mar) Consumer inflation increased to the fastest pace in 15 years, with prices rising to an annual rate of 2.9% for May. On the month, prices were up 0.8%, matching last month's level, and almost doubling the expectations of economists. The forecast for annual inflation was a small rise to 2.4%. The main cause for higher prices were increases to oil, higher import prices, and more expensive food. The higher than expected inflation report may force the Swiss National Bank to revise their projections for inflation. The bank next meets on June 19th, and interest rates are currently at a six-year high of 2.75%. Though they may want to combat inflation by increasing the base rate, recent data shown a slowdown in teh economy which would only be amplified if interest rates go up. |
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Actual | Forecast | Previous | Revised Form | |
| 0.8% | 0.8% | 0.3% | N/A | ||
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For April
CPI y/y: 2.3%, forecast 2.4%, pr. 2.6% (Mar), 2.4% (Feb) Consumer inflation in Switzerland increased 0.8% on a monthly basis and 2.4% in annual terms. The annual pace cooled from its 2.6% pace in March, undershooting the consensus forecast of a 2.4% increase. The Swiss Franc was gaining overnight and in NY trading against the Euro and Dollar, though condition in stock markets in Europe and the US and an increase of risk aversion may have more to do with the strength of the Franc than the release. |
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Actual | Forecast | Previous | Revised Form | |
| 0.3% | 0.2% | 0.1% | N/A | ||
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For March
The faster than expected pace of inflation in gives the SNB the now very familiar issue trying to tame inflation in a global slowdown. The Swiss Franc has been appreciating, which helped to counter some of the effects of surging prices. However, the energy and food prices are going to deteriorate the purchasing power of this importer nation's households. |
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Actual | Forecast | Previous | Revised Form | |
| 0.1% | 0.2% | -0.3% | N/A | ||
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For February
CPI y/y: forecast 2.4%, pr. 2.4%
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Actual | Forecast | Previous | Revised Form | |
| -0.3% | -0.4% | 0.2% | N/A | ||
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For January
CPI y/y: 2.4% pr. 2.0% The Swiss economy saw the monthly measure of inflation dip into negative territory (-0.3%) in January. The annual figure however rose above the central bank's 2% target level to measure 2.4%. This annual level is the highest in almost 14 years. It has been caused, as in other places by higher oil prices, and rising food costs. Though it may seem that this would alarm the central bank and perhaps force them to raise rates, a slowdown in the Euro-zone may alleviate inflationary pressure in the medium term. |
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Actual | Forecast | Previous | Revised Form | |
| 0.2% | 0.1% | 0.5% | N/A | ||
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For December. CPI y/y: 2.0%, forecast 1.8%, pr. 1.8% Release from Swiss Federal Statistics Office Swiss CPI exceeded expectations. The 2% annual inflation for December was the highest since October of 1995. Nearly all categories rose, but prices were mainly driven by higher energy prices, which tend to drive other prices up as well. |
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Actual | Forecast | Previous | Revised Form | |
| 0.5% | 0.2% | 0.9% | N/A | ||
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For November. CPI y/y: 1.8%, forecast 1.5%, pr. 1.3% |
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Actual | Forecast | Previous | Revised Form | |
| 0.9% | 0.8% | 0.1% | N/A |