Data published by the Federal Statistical Office (FSO) showed that in February consumer prices rose by 1.2% per annum (the lowest value since October 2021) after increasing by 1.3% per annum in January. Economists expected an increase of 1.1% per annum. Inflation for food and non-alcoholic beverages eased to 0.8% from 2.3% in January, while those for restaurants and hotels slowed to 2.1% from 2.3%. The price drop was recorded for transport (-0.5% vs -0.8%), healthcare (-0.4% vs -0.3%), and household goods and services (-0.9% vs -0.1%).
On a monthly basis, consumer prices rose 0.6%, accelerating from January (+0.2%). This was the sharpest increase since February 2023. Consensus estimates suggested an increase of 0.5%.
The FSO reported that the increase in CPI compared to January is due to several factors including rising prices for housing rentals and for air transport. Supplementary accommodation also recorded a price increase, as did international package holidays. In contrast, prices for berries and beef decreased, as did those for products for face care and make-up.
Core inflation - excluding fresh and seasonal products, energy and fuel - rose by 0.7% on a monthly basis and by 1.1% per year.
The data also showed that in February, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - increased by 0.2% compared to January and by 1.2% per year.