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Switzerland CPI Inflation 1.2% y-o-y (consensus 1.1%) in Feb-24

- Switzerland's CPI inflation in February 2024 only slowed by a tenth to 1.2% y-o-y, slightly exceeding market expectations of 1.1%.
- This pace still extends the break below the average from most of 2023 to languish well-below the SNB's target.

Switzerland CPI Inflation 1.3% y-o-y (consensus 1.7%) in Jan-24

- Switzerland's CPI inflation rate for January 2024 was 1.3% year-on-year, much lower than the consensus forecast of 1.7%.
- The January 2024 CPI inflation rate break lower takes it 0.68 percentage points below the one-year average.

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.