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Switzerland Inflation January 2024

Switzerland: Inflation falls to lowest level since October 2021 in January

Inflation came in at 1.3% in January, which was down from December’s 1.7% and in line with the Central Bank target of below 2.0%. January’s result represented the weakest inflation rate since October 2021. Weaker price pressures for food, housing and transport were behind the fall. Moreover, inflation was mild compared to neighbors—Euro area inflation clocked 2.8% in January—thanks to Switzerland’s ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

Annual average inflation fell to 2.0% in January (December: 2.1%). Finally, consumer prices increased 0.17% in January over the previous month, picking up from the 0.05% increase recorded in December. January’s result marked the highest reading since August 2023.

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