Switzerland Inflation


Consumer prices in July drop at steepest rate on record

In July, consumer prices dropped 0.6% over the previous month. The reading contrasted the 0.1% increase seen in the previous month and marked the steepest drop since July 2011. July’s result came on the back of lower prices for clothing and for transport.

In annual terms, consumer prices fell 1.2% in July, which came in below the 1.0% drop seen in June and marked a record low. The reading undershot market expectations which had annual consumer prices dropping 1.1%. As a result, inflation remains well below the Central Bank’s target of 2.0%.

The Central Bank expects consumer prices to record an annual drop of 1.0% in 2015 and 0.55% in 2016. Panelists polled by FocusEconomics expect consumer prices to fall 1.0% in 2015, which is unchanged from last month’s forecast. For 2016, panelists expect inflation of 0.1%.

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Switzerland Inflation Chart

Switzerland Inflation July 2015

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

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