Swiss Inflation Rises To 1.7%

(RTTNews) - Switzerland's consumer price inflation increased more-than-expected in December, the Federal Statistical Office reported Monday.

The consumer price index, or CPI, climbed 1.7 percent year-over-year in December, after a 1.4 percent gain in November. Economists had expected inflation to rise slightly to 1.5 percent.

However, inflation remained within the central bank's target range of 0-2 percent.

The cost of food, housing, and energy increased by 3.3 percent each, which contributed largely to the increase in inflation. Meanwhile, transport costs dropped by 0.4 percent.

On a monthly basis, consumer prices remained flat in December, versus a 0.2 percent decrease in November.

During the whole year 2023, overcall consumer prices grew 2.1 percent compared with 2022. This increase was due in particular to higher prices for electricity, gas, and housing rentals.