Switzerland: Consumer prices unchanged over March last year
April 7, 2014
Consumer prices jumped 0.4% over the previous month in March. The reading came in above both the 0.1% rise registered in February and the 0.2% rise the market had expected. March's increase reflected higher prices for clothing and footwear as well as for food and non-alcoholic beverages.
Consumer prices were unchanged over the same month last year in March. The figure came in above both the 0.1% fall observed in February and the 0.2% decrease the market had expected. The inflation rate remains well below the Bank's 2.0% target. The annual average variation in consumer prices rose from minus 0.2% in February to minus 0.1% in March.
In March, the Central Bank revised its inflation projections and now expects inflation to remain flat in 2014 (previous estimate: +0.2%). For 2015, the Bank expects inflation to rise to 0.4%, below its previous 0.6% estimate. Panelists polled by FocusEconomics see inflation at 0.3% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists expect inflation to rise to 0.9%.
Author: Ricardo Aceves, Senior Economist