Switzerland's consumer prices saw a consistent rise in May, according to a report released by the Federal Statistical Office on Tuesday.
The Consumer Price Index (CPI) increased by 1.4% year-over-year, maintaining the same growth rate as observed in April.
On a monthly basis, consumer prices grew by 0.3%, driven by several factors such as higher housing rental costs and the prices of international package holidays. Additionally, prices for various fresh vegetables and petrol registered an uptick, while those for heating oil and imported red wine declined in May.
Core consumer prices also rose by 0.2% month-over-month, resulting in an annual inflation rate of 1.2% for May.
The Swiss National Bank (SNB) anticipates that overall consumer prices will ascend by 1.4% this year, with a projected increase of 1.2% in 2025.
In its quarterly meeting held in March, the SNB reduced its policy rate by a quarter point to 1.5%, noting that its ongoing efforts to curb inflation over the past two and a half years have been effective.
