Switzerland Inflation October 2020


Switzerland: Consumer prices record smallest fall since March in October

November 3, 2020

Consumer prices increased 0.01% over the previous month in October, swinging from September's 0.04% fall. The rebound in price pressures was primarily due to a recovery in prices for healthcare, and restaurants and hotels.

Consumer prices decreased 0.6% on an annual basis in October, a more moderate drop compared to September’s 0.8% fall. October's result marked the smallest fall in consumer prices since March. The annual average variation of consumer prices was unchanged at September’s minus 0.6% in October. 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 0.5%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation October 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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