2023-09-01 07:29:58
Inflation in Switzerland stabilized at 1.6% year on year in August, the Federal Statistical Office (FSO) announced on Friday, remaining in the zone targeted by the Swiss central bank for the third month of inflation. in a row. Over one year, the prices of imported products fell by 0.3% under the effect of the fall in the prices of petroleum products, down 16.2%, while the prices of products manufactured in Switzerland increased by 2. 2%, indicates the OFS in a press release.
The prices of food and non-alcoholic beverages increased by 4.1% compared to August 2022, according to the office. Month-on-month inflation rose 0.2% in August from July, with the consumer price index standing at 106.4 points on an increase prices of fuels, heating oil and rents. Since March, inflation has decelerated markedly in the Alpine country and in June fell below the 2% mark targeted by the central bank. It then reached 1.7%, then had slowed to 1.6% in July.
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An increase in rents
Despite this decline, the Swiss National Bank (SNB) raised its key rate once more in June by a quarter of a point, with the aim of preventing inflation from taking root. The SNB then lowered its inflation forecast to 2.2% for 2023 (from 2.6% previously), but raised it to 2.2% for 2024 (from 2% previously) and 2.1% for 2025 (2% previously). Inflation is much lower in Switzerland than in the euro zone, where it remained stable in August at 5.3% over one year, according to a first estimate from Eurostat published on Thursday.
But concerns persist in Switzerland for the fall due to the expected rise in rents. Rent increases during the lease are controlled in Switzerland by a reference rate linked to interest rates. With the tightening of monetary policy, this reference rate has increased for the first time since 2008, which will translate into an increase in part of the rents in the fall.
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