Latest data released by the Federal Statistics Office - 10 February 2020

  • Prior +0.2%
  • CPI -0.2% vs -0.2% m/m expected
  • Prior 0.0%
  • Core CPI +0.2% vs +0.4% y/y expected
  • Prior +0.4%

Although annual headline inflation held steady, there was a drop in the core reading and that's more concerning in my view. That only further solidifies the case for the SNB to keep monetary policy as it is and perhaps pursue more easing measures down the road.