Switzerland Inflation May 2022


Switzerland: Inflation comes in at highest level since July 2008 in May

June 2, 2022

Consumer prices increased 0.65% from the previous month in May, picking up from April's 0.37% increase. The pick-up was largely due to rising prices for food, housing and energy.

Inflation increased to 2.9% in May, above April’s 2.5%. May's result marked the highest inflation rate since July 2008. Annual average inflation ticked up to 1.6% in May (April: 1.4%).

Over the coming quarters, higher commodity prices due to the war in Ukraine will keep inflation relatively elevated by recent Swiss standards at over 2%. However, upward pressures should be somewhat muffled by the country’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations and mild wage growth. As such, inflation will stay very mild in the broader European context.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 2.2% on average in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, panelists pencil in average inflation of 1.1%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation May 2022

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

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