Switzerland Inflation


Inflation flattens in January

Consumer prices fell 0.3% over the previous month in January. The reading followed the 0.2% decrease recorded in December and was on par with market expectations. The monthly drop reflects lower prices for clothing and footwear as well as for leisure and culture.

Despite the drop in January, annual inflation remained unchanged at December's 0.1%, representing the third 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. The inflation rate remains well below the Bank's 2.0% target. The annual average variation in consumer prices fell 0.2%, which followed a similar decrease in December.

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 0.4% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists expect inflation to rise to 1.1%.

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Switzerland Inflation Chart

Switzerland Inflation January 2014

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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