Switzerland Inflation August 2020


Switzerland: Consumer prices fall again in August

September 3, 2020

Consumer prices increased 0.04% in August over the previous month, contrasting the 0.16% drop seen in July. Looking at the details of the release, prices for housing and energy fell in August and prices for healthcare dropped after growing in the previous month. However, prices of restaurants and hotels increased.

Consumer prices fell 0.9% on an annual basis in August. August's reading marked the smallest dip in consumer prices since March. Meanwhile, the trend pointed down mildly, with the annual average variation of consumer prices coming in at minus 0.5% in August (July: -0.4%). Muted prices this year are being driven by low domestic demand and oil prices, as well as a strong franc.

FocusEconomics panelists see consumer prices falling 0.7% in 2020, which is down 0.1 percentage points from last month’s forecast, before rising 0.2% in 2021.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation August 20 20

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

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