Switzerland Inflation


Switzerland: Annual consumer prices fell for 15th consecutive month in December

January 11, 2013

In December, consumer prices slid 0.2% over the previous month, which followed the 0.3% decline recorded in November, but came in below market expectations of a 0.1% fall. Lower prices for clothing and footwear as well as for medicaments, were the main drivers behind the monthly decline.

As a result of the monthly drop, annual consumer prices dropped 0.4% in December, which followed a drop of the same magnitude in November. The result represents the 15th consecutive month of annual deflation and currently sits well below the Swiss National Bank's 2.0% inflation target. In addition, annual average consumer prices fell 0.7% in 2012 - in line with FocusEconomics expectations - but contrasted the 0.2% increase observed in 2011.

The Swiss Statistics Office sees inflation rising to 0.2% this year and next. In contrast, the Swiss National Bank expects consumer prices to drop 0.1% in 2013. For 2014, the Bank expects inflation to rise to 0.4%.

Author:, Senior Economist

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Switzerland Inflation Chart

Switzerland Inflation December 2012

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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