Switzerland’s CPI inflation accelerates to four-month high

Annual consumer price inflation in Switzerland has accelerated to its highest level since December 2023 in April, the latest data by the Swiss Federal Statistical Office showed.

The annual inflation rate was reported at 1.4% in April, up from 1% in March and compared to market consensus of 1.1%.

The latest reading was driven by a substantial rebound in prices of food and non-alcoholic beverages (1% YoY after a 0.4% YoY drop in March).

Also, in April, prices rose at a faster rate for recreation and culture (2.3% YoY compared to 1.8% YoY in March) and for housing and utilities (3.3% YoY compared to 3.2% YoY in March).

Conversely, prices decreased at a slower pace for household goods and services (-0.5% YoY compared to -1.9% YoY in March).

The nation’s annual core inflation rate, which excludes volatile categories such as unprocessed food and energy, accelerated to 1.2% in April from 1% in March.

In monthly terms, consumer prices in the country increased 0.3% in April, following a flat performance in the previous month.

The Swiss Franc was 0.32% firmer on the day against the British Pound, with the GBP/CHF currency pair last trading at 1.1419.