ZURICH (Reuters) – Swiss inflation rose slightly higher in November, albeit less than expected, remaining well within the Swiss National Bank’s target range, official data showed on Tuesday.
Swiss annual inflation inched upwards to 0.7% in November from 0.6% the previous month, according to figures from the Federal Statistics Office. The consensus forecast of a Reuters poll of analysts had been for a reading of 0.8%.
Compared with the previous month, consumer prices declined by 0.1%, in line with the Reuters forecast.
The SNB, which targets an inflation rate between 0% and 2%, will announce its next monetary policy decision next week.
So far in 2024, the SNB has reduced its benchmark rate three times to 1% now, with expectations of more cuts to come.
Markets currently give a 72% probability for a 25 basis point cut, and a 28% likelihood for a 50 basis point cut at the SNB’s next monetary policy meeting on Dec. 12.
(Writing by Dave Graham, editing by Rachel More)
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