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Switzerland Inflation February 2023

Switzerland: Inflation comes in at highest level since August 2022 in February

Inflation came in at 3.4% in February, which was up from January’s 3.3%. February’s reading marked the highest inflation rate since August 2022 and was above market expectations. The reading was also well above the Central Bank’s 0–2% inflation target. Faster food price inflation more than offset reduced price pressures for transport and housing. That said, inflation was still less than half the Eurozone average of 8.5%, thanks to Switzerland’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

The trend pointed up mildly, with annual average inflation coming in at 3.1% in February (January: 3.0%).

Lastly, consumer prices rose 0.75% over the previous month in February, picking up from the 0.60% rise seen in January. February’s uptick was the sharpest increase in prices since April 2010.

Higher-than-expected inflation in February strengthens the odds of further rate hikes at the Swiss National Bank’s policy meeting on 23 March.

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