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Switzerland CPI Inflation 1.7% y-o-y (consensus 1.6%) in Dec-23

- Switzerland's CPI inflation rose to 1.7% year-on-year in December 2023, surpassing the consensus forecast of 1.6% and reaching the highest level since May 2023.
- However, the inflation rate remained below the one-year average, indicating a moderate inflationary environment in Switzerland.

Switzerland Policy Rate 1.75% (consensus 1.75%) in Dec-23

• The SNB's decision to hold the policy rate steady at 1.75% reflects a cautious approach in the face of slightly decreased inflation, global economic trends, and moderate domestic growth, indicating a period of policy stabilization.
• Future policy decisions will be heavily influenced by inflation dynamics, global economic conditions, domestic economic performance, financial market stability, and foreign exchange market activities.
• The SNB maintains a flexible approach, ready to adjust interest rates in response to significant deviations in inflation from the target range, while closely monitoring both domestic and global economic indicators.

Switzerland Unemployment Rate 2.1% (consensus 2.2%) in Nov-23

- Switzerland's unemployment rate in November 2023 decreased to 2.1%, which is slightly less than the consensus forecast of 2.2%.
- The current unemployment rate is 0.09 percentage points above the one-year average but remains 0.30 percentage points below the long-run average, highlighting a relatively stable yet tight labour market in Switzerland.

Switzerland CPI Inflation 1.4% y-o-y (consensus 1.7%) in Nov-23

- Switzerland's CPI inflation in November 2023 grew by 1.4% year-on-year, falling short of expectations and representing the lowest growth rate since October 2021.
- However, on a monthly basis, CPI inflation declined by 0.2% in November 2023, which was only 0.1pp less than the consensus forecast.