Switzerland November CPI -0.3% vs -0.1% m/m expected

Latest data released by the Federal Statistics Office – 4 December 2018

  • Prior +0.2%
  • CPI +0.9% vs +1.0% y/y expected
  • Prior +1.1%
  • Core CPI +0.2% vs +0.4% y/y expected
  • Prior +0.4%


Inflationary pressures begin to wane but it is the core reading that I’d be focused on here. The reading now dips down to +0.2% y/y, the lowest since June 2017 and that won’t bolster confidence for the SNB’s inflation outlook heading into next year. Looks like the central bank may not be able to follow up with the ECB if the downtrend here persists.

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