Switzerland Inflation June 2016

Switzerland

Switzerland: Annual change in consumer prices drop for a third consecutive month

July 7, 2016

In June, consumer prices increased 0.1% over the previous month, which was in line with May’s reading and market expectations. This is the fifth consecutive monthly increase and it was mainly driven by higher prices for crude oil products, package holidays as well as fruits and vegetables. Conversely, prices for clothing and air transport fell in June.

In annual terms, consumer prices fell 0.4% in June, which mirrored the results in April and May. The annual average variation in consumer prices registered minus 1.0% in June (May: -1.1% year-on-year).

In June, the Central Bank revised its inflation forecasts and now projects that prices will drop on average 0.4% this year, which is up from the 0.8% drop it had forecast. For 2017, the Bank expects prices to rebound and increase 0.3%, compared to the previous projection of a 0.1% rise. Panelists polled by FocusEconomics expect consumer prices to fall 0.5% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect inflation of 0.5%.


Author:, Economist

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Switzerland Inflation Chart


Switzerland Inflation June 2016 1

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


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