Switzerland Inflation December 2020


Switzerland: Consumer prices post greatest drop since August in December

January 5, 2021

Consumer prices fell 0.10% in December over the previous month, softer than November's 0.25% fall. Looking at the details of the release, transportation prices rose at a quicker pace in December compared to the previous month, while prices pressures for healthcare dropped. Prices for food and non-alcoholic beverages fell at a more modest pace.

Consumer prices fell 0.8% year-on-year in December, down from November’s 0.7% fall. December's figure marked the largest fall in consumer prices since August. Accordingly, the trend was unchanged, with the annual average variation of consumer prices coming in at November's minus 0.7% in December.

Ongoing deflation will ensure the Swiss National Bank maintains its extremely expansionary monetary policy.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.1% on average in 2021, which is down 0.1 percentage points 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 December 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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