Switzerland Inflation


Inflation remains in positive territory in December

Consumer prices fell 0.2% over the previous month in December. The reading came in below both the flat reading observed in November and the 0.1% fall the market had expected. The monthly print reflects lower prices for medications as well as for clothing and footwear.

Compared to the same month of the previous year, consumer prices rose 0.1% in December (November: +0.1% year-on-year), which represents the second consecutive positive reading since September 2011, which was when the Swiss National Bank established the 1.20 CHF per EUR cap to counter the appreciation of the Swiss franc. Despite the increase, the inflation rate remains well below the Bank's 2.0% target. In the full year 2013, consumer prices fell on average 0.2%,which was up from minus 0.7% recorded in 2012.

The Central Bank expects inflation to increase in 2014 and to average 0.2%. For 2015, the Bank expects inflation to rise further to 0.6%. Panelists polled by FocusEconomics see inflation at 0.2% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, panelists expect inflation to rise to 0.6%.

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Switzerland Inflation Chart

Switzerland Inflation December 2013

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

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