By Ed Frankl
Swiss annual inflation edged up in November, after a more than three-year low, with the nation's central bank still likely to cut interest rates later this month.
Consumer prices were 0.7% higher than the same time last year, up from 0.6% in October, which marked the lowest since July 2021, according to data from Switzerland's Federal Statistical Office released Tuesday. The uptick snapped a three-month fall in inflation.
The level remains well within the under 2% target range of the Swiss National Bank, which is widely expected to cut its key interest rates from the current 1.0% at its next meeting on Dec. 12.
However, when measured compared to the previous month, prices declined for a third month in a row, suggesting deflationary conditions that, if sustained, could make consumers wary of spending and hit the economy. The 0.1% on-month decline in consumer prices was driven by hotels and international package holidays, new cars and vegetables, the statistics agency said.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
12-03-24 0306ET
