2025年9月,瑞士消费者价格同比上涨0.2%,与前两个月相比保持稳定,略低于0.3%的市场预期。此前,瑞士国家银行(SNB)暂停了连续六次降息,将关键利率保持在零。虽然瑞士央行对恢复负利率犹豫不决,但它表示,如果通货紧缩再次出现,它愿意进一步降息。通货膨胀上次降至零以下是在5月份。住房和公用事业价格小幅上涨(0.7%对8月份的0.6%),而运输业的通货紧缩速度有所放缓(-1.5%对-2.4%)。另一方面,食品和非酒精饮料的通货紧缩略有恶化(-0.8%对-0.5%)。按月计算,消费者价格指数下降了0.2%,较8月份的0.1%有所加深,但与市场预期一致。核心通胀率(不包括未加工食品和能源等波动性项目)在9月份为0.7%,与上月持平。
Consumer prices in Switzerland rose by 0.2% year-on-year in September 2025, remaining steady from the previous two months and slightly below market expectations of 0.3%. This came after the Swiss National Bank (SNB) paused a series of six consecutive interest rate cuts, keeping its key rate at zero. While the SNB is hesitant to return to negative rates, it signaled openness to further cuts if deflation returns. Inflation had last dipped below zero in May. Prices edged higher for housing and utilities (0.7% vs 0.6% in August), while the pace of deflation moderated in transport (-1.5% vs -2.4%). On the other hand, deflation slightly worsened for food and non-alcoholic beverages (-0.8% vs -0.5%). On a monthly basis, consumer prices fell by 0.2%, deepening from a 0.1% drop in August but aligning with market expectations. Core inflation, which excludes volatile items such as unprocessed food and energy, stood at 0.7% in September, unchanged from the previous month.