Data published by the Federal Statistical Office (FSO) showed that in March consumer prices rose by 1.0% per annum (the lowest value since September 2021) after increasing by 1.2% per annum in February. Economists expected an increase of 1.3% per annum.
On a monthly basis, consumer prices remained unchanged after rising 0.6% in February. Consensus estimates suggested an increase of 0.3%. The FSO reported that the stability of the index was the result of opposing trends that offset one another overall. Prices for international package holidays and air transport increased, as well as those for clothing and footwear. In contrast, prices for supplementary accommodation and cars decreased, as did those for hire of private means of transport.
Core inflation - excluding fresh and seasonal products, energy and fuel - rose by 0.1% on a monthly basis and by 1.0% per year.
The data also showed that in March, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - fell by 0.1% compared to February and rose by 1.1% per year.