Switzerland’s consumer price index (CPI) changed by -0.1% in September 2023 compared with the previous month, and year-on-year inflation was +1.7%, a rate below the Swiss National Bank’s (SNB) target maximum rate of 2.0%, reported Switzerland’s Federal Statistical Office (FSO).
The 0.1% fall compared with the previous month was due to several factors, wrote FSO. The price decline was driven by falling hotel prices, air transport prices and lower priced package holidays. These declines surpassed rising pump prices and higher heating oil costs, along with more expensive shoes and clothing.
On 21 September 2023, the SNB decided to keep the interest rate at 1.75%, despite a widely held expectation that the rate would be lifted to 2.00%.
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