{"id":439181,"date":"2026-10-01T13:30:13","date_gmt":"2026-10-01T06:30:13","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/switzerland-september-cpi-1-0-vs-1-0-y-y-expected-439181\/"},"modified":"2026-10-01T13:30:13","modified_gmt":"2026-10-01T06:30:13","slug":"switzerland-september-cpi-1-0-vs-1-0-y-y-expected","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/switzerland-september-cpi-1-0-vs-1-0-y-y-expected-439181\/","title":{"rendered":"Switzerland September CPI +1.0% vs +1.0% y\/y expected"},"content":{"rendered":"<div>\n<ul>\n<li>Switzerland September CPI 0.0% vs 0.0% m\/m expected<\/li>\n<li>Prior +0.4%<\/li>\n<li>Switzerland September CPI +1.0% vs +1.0% y\/y expected<\/li>\n<li>Prior +0.8%<\/li>\n<li>Switzerland September core CPI +0.5% y\/y<\/li>\n<li>Prior +0.4%<\/li>\n<\/ul>\n<p style=\"text-align: justify\" class=\"text-align-justify\">The breakdownThe readings for September fall within expectations, with headline annual inflation increasing to 1.0% while the monthly figure comes in flat.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">Once again, energy was the main culprit with prices for\u00a0heating oil, petrol and diesel seen rising further in September. That is somewhat offset by a decline in\u00a0prices for international package holidays, car rentals, hotels and accommodation.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">Core annual inflation, which is the more important metric, is seen nudging higher to 0.5%. The SNB continues to place more emphasis on this estimate as it excludes the more volatile energy component. But with the reading still being closer to 0% than it is to 2%, the SNB need not panic and rush into making any sudden policy changes for now.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">What does the data measure?The CPI tracks changes in the prices Swiss households pay for a basket of goods and services and is the main gauge of consumer inflation.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">Why does it matter to markets?Inflation is central to the SNB\u2019s rate outlook, particularly with the policy rate already at 0%. A sustained move higher could reduce the scope for easier policy, while renewed weakness would revive concerns about very low inflation.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">How does this fit the broader economic picture?Swiss inflation has been picking up as of late, rising to 0.8% in August largely because of higher energy prices. The SNB expects inflation to increase somewhat further in Q4 before easing during 2027, while remaining firmly within its 0-2% price stability range.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">What is the potential market impact?A stronger-than-expected reading could support the Swiss franc and put some upward pressure on Swiss yields by reducing expectations for further SNB easing. A softer print would likely work in the opposite direction, but the overall impact should be very limited unless the surprise materially changes the rates outlook &#8211; which is unlikely.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">Current relevance to markets?Moderate.\u00a0The release is relevant with the SNB policy rate sitting at 0%, but the bar for a major repricing on the policy outlook is relatively high. That especially after the SNB said last week that medium-term inflation pressure had increased only slightly and its policy stance remained appropriate.<\/p>\n<p style=\"text-align: justify\" class=\"text-align-justify\">\n<p>                            This article was written by Justin Low at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Switzerland September CPI 0.0% vs 0.0% m\/m expected Prior +0.4% Switzerland September CPI +1.0% vs +1.0% y\/y expected Prior +0.8% Switzerland September core CPI +0.5% y\/y Prior +0.4% The breakdownThe readings for&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-439181","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/439181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=439181"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/439181\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=439181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=439181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=439181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}