Switzerland Inflation January 2021


Switzerland: Consumer prices fall at a softer rate on an annual basis in January

February 12, 2021

Consumer prices increased 0.06% over the previous month in January, contrasting December's 0.10% drop. January's reading marked the sharpest increase in prices since March 2020. Looking at the details of the release, transportation prices rose at a quicker pace in January compared to the previous month, while price pressures for healthcare also increased.

Consumer prices declined 0.5% year-on-year in January, a less pronounced drop compared to December’s 0.8% decrease. Meanwhile, the trend pointed down mildly, with the annual average variation of consumer prices coming in at minus 0.8% in January (December: -0.7%).

Ongoing deflation 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 up 0.1 percentage points from last month’s forecast. For 2022, panelists pencil in average inflation of 0.4%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation January 2021 0

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

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