Swiss inflation slows more than expected in October

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ZURICH, Nov 3 (Reuters) – Swiss consumer price inflation slowed to 3.0% in October but still overshot the Swiss National Bank’s 0-2% target range for the ninth month in a row, data showed on Thursday.

Economists had on average expected the year-on-year rate to slip to 3.2% from September’s 3.3%, off peaks at mid-year that touched a nearly three-decade high.

Core inflation that strips out volatile items like fuel and food prices was steady versus September and rose 1.8% year on year.

The data come a day after Swiss National Bank Chairman Thomas Jordan told the Swiss government the SNB may need more rate hikes to choke off inflation even though it had hiked rates in June and September and let the Swiss franc appreciate in nominal terms

CONSUMER PRICE INDEX
Oct 2022Sep 2022Oct 2021
Pct change m/m+0.1-0.2+0.3
Pct change y/y+3.0+3.3+1.2
Index (DEC 2015 = 100)104.6104.6101.6
Core infl. 1* y/y pct+1.8+2.0+0.6
Core infl. 2* y/y pct+2.5+2.7+0.9

*Core inflation 1 strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel; core inflation 2 also strips out administered prices.

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