Data published by the Federal Statistical Office (FSO) showed that in January consumer prices rose by 1.3% per annum (the lowest value since October 2021) after increasing by 1.7% per annum in December. Economists expected an increase of 1.7% per annum. Inflation for housing and utilities slowed to 2.5% from 3.3% in December, while those for food and non-alcoholic beverages eased to 2.3% from 3.3%.
On a monthly basis, consumer prices rose 0.2% after being unchanged in December. Consensus estimates suggested an increase of 0.6%.
The FSO reported that the increase in CPI compared to December is due to several factors including rising prices for electricity and for hotels. Car insurances also recorded a price increase, as did meals taken in restaurants and cafés. In contrast, prices for air transport decreased, as did those for clothing and footwear, the latter due to seasonal sales.
Core inflation - excluding fresh and seasonal products, energy and fuel - fell by 0.3% on a monthly basis and rose by 1.2% per year.
The data also showed that in January, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - increased by 0.1% compared to December and by 1.5% per year.