Switzerland released its consumer price index read for December and its retail sales data for November.
The retail sector in Switzerland saw a 1.6% y/y increase in nominal sales in November 2023 from a year ago, after adjusting for sales days and holidays. The Federal Statistical Office (FSO) reported that this was a preliminary estimate. Nominal sales also went up by 0.6% from the previous month, after seasonal adjustment.
The consumer price index read for Switzerland in December came in at 106.2 points, up 1.7% y/y vs. 1.4% y/y in November, and 0.0% m/m (-0.1% m/m forecast; -0.2% m/m previous)
Both data points came in above expectations and previous reads, signaling a resilient consumer sector in Switzerland, as well an elevated price environment.
These updates support the idea of the Swiss National Bank holding interest rates as-is rather than cutting, arguably reflected by the market with the franc’s intraday rise correlating with the data releases.
