Data published by the Federal Statistical Office (FSO) showed that in April consumer prices rose by 1.4% per annum (the highest value since December 2023) after increasing by 1.0% per annum in March. Economists expected an increase of 1.1% per annum.
On a monthly basis, consumer prices increased by 0.3%, accelerating compared to March (0%). Consensus estimates suggested an increase of 0.1%. The FSO reported that the price increase was caused by several factors including rising prices for international package holidays and for air transport. Furniture and furnishings also recorded a price increase, as did petrol. In contrast, prices for hotels and supplementary accommodation decreased, as did those for gas.
Core inflation - excluding fresh and seasonal products, energy and fuel - rose by 0.4% on a monthly basis and by 1.2% per year.
The data also showed that in April, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - rose by 0.5% compared to March and by 1.4% per year.