Switzerland Inflation


Consumer prices fall in annual terms to 20-month low

In January, consumer prices fell 0.4% over the previous month. The reading came in slightly above the 0.5% drop reported in December. January’s result stemmed from lower prices for clothing and transport.

In annual terms, consumer prices fell 0.5% in January, which came in below the 0.3% drop observed in December. The annual reading marked the fastest annual fall in consumer prices since May 2013. The figure was slightly above the 0.6% drop the market had expected. As a result, inflation remains well below the Central Bank’s target of 2.0%.

In December, the Central Bank revised its inflation forecasts and now expects it to turn negative in 2015, with consumer prices falling on average 0.1%, which contrasts its previous estimate of a 0.2% increase. For 2016, the Bank expects inflation to return to positive territory and rise to 0.3%. Panelists polled by FocusEconomics see inflation at 0.2% in 2015, which is unchanged from last month’s forecast. For 2016, panelists expect inflation to rise to 0.8%.

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Switzerland Inflation Chart

Switzerland Inflation January 2015 0

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Swiss Federal Statistics Office (BFS).

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