Inflation in Switzerland

Switzerland Inflation | Economic News & Forecasts

Switzerland - Inflation

Inflation remains steady in July

Consumer prices dropped 0.04% from the previous month in July, swinging from the 0.50% rise recorded in June. July's result marked the weakest reading since December 2021. The reading was primarily driven by more moderate rises in prices for housing and energy, transport and food, as well as lower clothing prices.

Inflation was stable at June's 3.4% in July. July's reading represented the joint-highest inflation rate since September 1993. Annual average inflation rose to 2.1% in July (June: 1.8%).

The month-on-month decline is a sign that price pressures are likely peaking, and our panelists expect inflation to decline over the coming quarters amid tighter monetary policy. Moreover, inflation will remain very mild in the broader European context, thanks to the country’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations, the franc’s appreciation this year against the euro, and mild wage growth.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 2.6% on average in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, panelists pencil in average inflation of 1.5%.

Switzerland - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)-1.1  -0.4  0.5  0.9  0.4  

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Switzerland Inflation Chart


Switzerland Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Swiss Federal Statistics Office (BFS) and FocusEconomics calculations.

Switzerland Facts

Value Change Date
Bond Yield-0.516.27 %Jan 01
Exchange Rate0.97-0.54 %Jan 01

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