Switzerland Inflation March 2021


Switzerland: Consumer prices continue to fall on an annual basis in March

April 1, 2021

Consumer prices increased 0.34% in March over the previous month, accelerating from the 0.16% rise recorded in February. March's uptick was the sharpest increase in prices since March 2019. Looking at the details of the release, transportation prices rose at a quicker pace in March compared to the previous month, while price pressures for healthcare remained weak.

Consumer prices fell 0.2% in annual terms in March, a more modest drop than February’s 0.5% fall. Meanwhile, the trend was unchanged, with the annual average variation of consumer prices coming in at February's minus 0.8% in March.

Inflation is expected to return later this year, supported by a weaker franc, higher oil prices and stronger activity. However, price pressures will be muted nonetheless, which will ensure the Swiss National Bank maintains its extremely expansionary monetary policy.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.2% on average in 2021, which is unchanged from last month’s forecast. For 2022, panelists pencil in average inflation of 0.5%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation March 2021

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

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