Switzerland Inflation August 2022

Switzerland

Switzerland: Inflation comes in at highest level since August 1993 in August

September 1, 2022

Inflation ticked up to 3.5% in August, slightly above July’s 3.4%. August's result marked the highest inflation rate since August 1993, and was driven by faster price rises for food, housing and energy. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.3% in August (July: 2.1%).

Finally, consumer prices rose 0.26% over the previous month in August, contrasting July's 0.04% drop.

Inflation remains very mild in the broader European context, thanks to the country’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations, the franc’s appreciation this year against the euro, and mild wage growth.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 2.6% on average in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, panelists pencil in average inflation of 1.5%.


Author:, Economist

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Switzerland Inflation Chart


Switzerland Inflation August 2022

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


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