ATS
Inflation rebounded marginally in November, for the first time since this spring. Consumer prices increased by 0.7% over one year, compared to 0.6% in October. Compared to the previous month, they fell by 0.1%.
The recent slowdown is attributed to a drop in prices in hotels (-3.8% over one month) and international package tours (-4.1%), the Federal Statistical Office (FSO) indicated on Tuesday. in a press release. The prices of fruits and vegetables, as well as those of new cars, have also fallen. Residential rents, on the other hand, increased (+0.5% and 3.4% over one year), as did air transport prices.
Ultimately, the Consumer Price Index (CPI) stood at 106.9 points. Domestic products supported the increase in prices, increasing by 1.7% (-0.1% over one month), while imported products cost significantly less (-2.3%) compared to November 2023 and by compared to last month (-0.4%).
These figures are in line with the expectations of economists surveyed by the AWP agency. The consensus expected an increase in prices of between +0.6% and +0.8% year-on-year in November, while the monthly variation was expected between -0.3 and 0.0%.
Underlying inflation, excluding fresh, seasonal products, energy and fuels, stood at +0.9% over one year. In monthly comparison, it remained stable.
“For 2024, the forecast will likely be revised downwards in December, as inflation expected for the third quarter is 1.1% and that for the fourth quarter is 1%, compared to a current level of 0.7%, » considers Arthur Jurrus, for Oddo BHF.
A continued low level of the inflation rate suggests a reduction to zero in the SNB’s key rate by the end of next year, imagines Thomas Gitzel, for VP Bank.
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