Inflation in Switzerland rose slightly in September for the first time in over six months. However, it remains in the moderate range or within the range of 0 to 2 percent targeted by the Swiss National Bank (SNB).

Inflation rose to 1.7 in September 2023 from 1.6 percent in August, as the Federal Statistical Office (BFS) announced on Tuesday. This means: Swiss consumer goods were 1.7 percent more expensive in September than in the corresponding month of the previous year. Economists surveyed by AWP had estimated annual inflation in the range of 1.7 to 1.9 percent.

The last time annual inflation rose slightly was in February, but at 3.4 percent it was significantly higher than today. From March onwards it continued to decline, although in June it fell below the 2 percent mark for the first time since January 2022.

Inflation remains relatively high for domestic goods. In the month under review, these still cost 2.1 percent more than a year earlier, while imported goods were only 0.5 percent more expensive. Core inflation, which excludes volatile goods such as food, energy and fuel, fell to 1.3 percent from 1.5 percent.

Compared to the previous month, the national consumer price index (CPI) fell by 0.1 percent to 106.3 points in September. According to the BFS, the decline is due to various factors, including the lower prices for the hotel and non-hotel industries. Prices for air transport and package holidays at home and abroad have also fallen. In contrast, the prices for leisure courses, fuel and heating oil have risen, as have those for clothing and shoes.

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