Switzerland Inflation August 2016


Switzerland: Annual drop in consumer prices eases further in August

September 6, 2016

In August, consumer prices decreased 0.1% over the previous month, which came in above July’s 0.4% decrease and matched market expectations. August’s reading was driven by lower prices for transport and leisure and was partly offset by higher prices for clothing and footwear.

In annual terms, consumer prices fell 0.1% in August, which was above July’s result (-0.2% year-on-year) and marked the smallest annual decrease since November 2014. The annual average variation in consumer prices registered minus 0.8% in August (July: -0.9% yoy).

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 been forecasting. For 2017, the Bank expects prices to rebound and increase 0.3%; the Bank had previously projected a 0.1% rise. Panelists polled by FocusEconomics expect consumer prices to fall 0.4% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect inflation of 0.4%.

Author: Marlène Rump, Senior Data Analyst

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Switzerland Inflation Chart

Switzerland Inflation August 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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