Switzerland and Sweden See Inflation Rise, China Increases Gold Reserves Amid Forex Growth
Switzerland's Consumer Price Index (CPI) for February showed a year-over-year increase of 0.3%, slightly above the expected 0.2% but below the previous month's 0.4%. On a month-to-month basis, the CPI rose by 0.6%, surpassing the forecast of 0.5% and reversing the previous month's decline of 0.1%. The EU Harmonized CPI for February indicated a month-to-month increase of 0.1% and a year-over-year increase of 0.1%, compared to the previous month's figures of -0.1% and 0.2%, respectively. The core CPI, which excludes volatile items, remained steady at 0.9% year-over-year, matching the previous month's rate and exceeding the estimate of 0.7%. Switzerland's foreign currency reserves for February were reported at 735.4 billion, slightly down from the previous month's 736.4 billion.
In Sweden, the February CPI rose to 1.3% year-over-year, surpassing the forecast of 1.1% and the previous month's 0.9%. On a month-to-month basis, the CPI increased by 0.6%, above the expected 0.5% and reversing the previous month's flat rate. The CPIF, which is the CPI with a fixed interest rate, showed a month-to-month increase of 0.9%, exceeding the estimate of 0.7% and the previous month's 0.4%. Year-over-year, the CPIF rose to 2.9%, above the forecast of 2.7% and the previous month's 2.2%. The CPIF excluding energy saw a month-to-month increase of 0.9%, above the expected 0.7% and the previous month's 0.2%, and a year-over-year increase of 3.0%, surpassing the forecast of 2.7% and the previous month's rate. Sweden's budget balance for February showed a significant improvement, recording a surplus of 74.0 billion SEK, compared to a deficit of 23.3 billion SEK in the previous month.
In other economic news, China's foreign exchange reserves at the end of February stood at $3.227 trillion, slightly below the expected $3.229 trillion but above the previous month's $3.209 trillion, marking an increase of $181.88 billion. China's gold reserves increased to $208.64 billion from $206.53 billion the previous month, marking the fourth consecutive month of additions to the state's gold reserves, with an increase of 5 metric tons to a total of 2,290 tonnes or 73.61 million troy ounces. Indonesia's foreign exchange reserves decreased to $154.5 billion in February from $156.1 billion in January, attributed to government foreign debt payments and efforts to stabilize the rupiah amid global financial market uncertainties.
Written with ChatGPT .
BusinessBourse
Mario Nawfal
Bloomberg Markets
