Switzerland CPI inflation accelerates to 0.7% in November

Annual consumer price inflation in Switzerland has picked up to 0.7% in November from 0.6% in October, the latest data by the Swiss Federal Statistical Office showed.

In comparison, market consensus had pointed to a sharper acceleration, to 0.8%.

In November, inflation picked up for:

– alcoholic beverages and tobacco (0.8% YoY from 0.5% YoY in October);
– hotels and restaurants (2.3% YoY from 2% YoY in October);
– recreation and culture (1.2% YoY from 1% YoY in October).

In the meantime, prices decreased at a slower rate for:

– transport (-1.7% YoY versus -2.7% YoY in October);
– household goods and services (-0.6% YoY versus -2% YoY in October).

Conversely, prices dropped at a faster rate for:

– food and non-alcoholic beverages (-0.8% YoY versus -0.3% YoY in October);
– clothing and footwear (-1.5% YoY versus -1% YoY in October).

And, inflation moderated for housing and energy, to 3.3% YoY from 3.5% YoY in October.

The Swiss Franc was 0.12% weaker on the day against the Euro, with the EUR/CHF currency pair last trading at 0.9311.