In July, consumer prices slipped 0.5% over the previous month, which followed a 0.3% decline in June. The reading exceeded market expectations of a 0.6% fall. According to the statistical institute, lower prices for clothing and footwear as well as for housing and housing equipment were the main drivers behind the monthly drop. As a result of the monthly fall, consumer prices declined 0.7% over the same month last year, which followed the 1.1% drop observed in June and marked the 10th consecutive month of annual deflation. Currently, inflation sits well below the Swiss National Bank's 2.0% inflation target. Annual average variation in consumer prices fell from minus 0.5% in June to minus 0.6% in July.
Switzerland remains in deflation for 10th consecutive month
August 7, 2012
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Switzerland Inflation Chart
Note: Month-on-month changes and annual variation of consumer price index in %.
Source: Swiss Federal Statistics Office (BFS) and FocusEconomics calculations.
Switzerland Economic News
October 6, 2016
In September, consumer prices increased 0.1% from the previous month, just under market expectations of 0.2%, in a timid rebound from August’s 0.1% decrease.
October 3, 2016
In August, retail sales contracted a seasonally- and working-day adjusted 3.0% over the same month last year.
October 3, 2016
In September, the manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch came in at 53.2 points, beating August’s 51.0 points.
September 30, 2016
Switzerland’s KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—edged up from 99.7 points in August to 101.3 points in September.
September 15, 2016
At its 15 September meeting, the Swiss National Bank (SNB) decided to maintain the target range for the three-month Libor at between minus 1.25% and minus 0.25%, which met market expectations.