Data published by the Federal Statistical Office (FSO) showed that in November consumer prices rose by 0.7% per year after an increase of 0.6% per year in October. Economists expected an increase of 0.8% per annum. The FSO said that price growth accelerated for the first time since April.
On a monthly basis, consumer prices fell 0.1%, as in October and in line with economists' forecasts. The FSO reported that the decrease is due to several factors including lower prices for hotels and international package holidays. Prices also decreased for new cars and fruiting vegetables. In contrast, housing rentals recorded a price increase, as did air transport.
Core inflation - excluding fresh and seasonal products, energy and fuel – remained unchanged on a monthly basis and grew by 0.9% per year.
The data also showed that in November, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries – fell by 0.5% compared to October and increased by 0.7% per year.