Inflation in Switzerland
Switzerland - Inflation (end of period)
Inflation comes in at highest level since July 2008 in May
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%.
Switzerland - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||-1.3||0.0||0.8||0.7||0.2|
5 years of economic forecasts for more than 30 economic indicators.
Switzerland Inflation (eop) Chart
Source: Swiss Federal Statistics Office (BFS) and FocusEconomics calculations.
|Bond Yield||-0.51||6.27 %||Jan 01|
|Exchange Rate||0.97||-0.54 %||Jan 01|
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June 16, 2022
At its meeting on 16 June the Swiss National Bank (SNB) raised its policy rate and the interest rate on sight deposits from minus 0.75%—the world’s lowest—to minus 0.25%.
June 2, 2022
Consumer prices increased 0.65% from the previous month in May, picking up from April's 0.37% increase.
June 1, 2022
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 60.0 in May from April's 62.5.
May 31, 2022
GDP growth accelerated to 0.5% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 0.2% in the fourth quarter of last year.
May 31, 2022
Retail sales decreased 6.0% year-on-year in calendar-adjusted terms in April (March: -6.6% c.a.