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Switzerland Inflation January 2023

Switzerland: Inflation increases in January

Inflation came in at 3.3% in January, up from December’s 2.8%. January’s reading was the highest inflation rate since August 2022, but was far lower than the EU-wide reading of 10.0%. The bounce-back in price pressures was primarily due to increasing price pressures for housing and energy.

Annual average inflation rose to 3.0% in January (December: 2.8%).

Finally, consumer prices increased 0.60% from the previous month in January, swinging from December’s 0.22% drop. January’s figure marked the highest reading since May 2022.

Looking forward, inflation will remain very mild in the broader European context, thanks to the country’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

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