Switzerland Inflation May 2020


Switzerland: Consumer prices post greatest drop since January 2016 in May

June 4, 2020

Consumer prices ticked up 0.04% from the previous month in May, swinging from April's 0.36% fall. The rebound was broad-based but led by higher prices for alcoholic beverages and tobacco, housing and energy, healthcare, and transportation. Prices for food and non-alcoholic beverages grew at a more subdued pace.

Consumer prices dropped 1.3% on an annual basis in May, a sharper fall than April’s 1.1% decrease. May's reading was the largest drop in consumer prices since January 2016. Accordingly, the trend pointed down mildly, coming in at minus 0.1% in May (April: 0.0%).

FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.6% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, panelists pencil in average inflation of 0.4%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation May 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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