Switzerland Inflation September 2020


Switzerland: Consumer prices record smallest fall since March in September

October 1, 2020

Consumer prices dropped 0.04% over the previous month in September, contrasting the 0.04% rise seen in August. September’s reading was driven by lower prices for housing and energy, and transport, which were partially offset by higher clothing and footwear prices.

Consumer prices decreased 0.8% year-on-year in September, a less pronounced drop compared to August’s 0.9% fall. September's figure was the smallest drop in consumer prices since March. Meanwhile, the trend pointed down slightly, with the annual average variation of consumer prices coming in at minus 0.6% in September (August: -0.5%).

The lack of price pressures will ensure the Swiss National Bank maintains its extremely expansionary monetary policy.

FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.7% on average in 2020, which is unchanged from last month’s forecast. For 2021, panelists pencil in average inflation of 0.1%, which is down 0.1 percentage points from last month’s forecast.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation September 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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