Swiss consumer prices rose 1.0% YoY in September, up from 0.8% in August and in
line with market expectations and the Swiss National Bank's quarterly
projection. The rate remains inside the SNB's 0-2% target band. Officials said
most of the pickup appears temporary and mid‑term price pressure has only edged
up. Core inflation excluding energy and other volatile items rose to 0.5% from
0.4%, a second consecutive monthly increase. Higher oil prices and a weaker
franc added upward pressure, but energy's small weight in the CPI and a fall in
clothing and footwear partly offset the effect. The SNB's policy rate has been
at zero for more than a year, the lowest among major central banks.
