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Switzerland Inflation December 2023

Switzerland: Inflation comes in at highest level since May in December

Inflation came in at 1.7% in December, up from November’s 1.4%. December’s result was the highest inflation rate since May, but remained in line with the Central Bank’s target of below 2.0%. The increase was broad-based as prices for food and beverages, housing and energy, and hospitality all rose at brisker paces. In addition, price pressures for transportation declined at a less pronounced pace. Inflation remained mild compared to neighbors—Euro area inflation is expected to have clocked 2.9% in December—thanks to Switzerland’s ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

The trend pointed down slightly, with annual average inflation coming in at 2.1% in December (November: 2.2%).

Lastly, consumer prices increased 0.05% in December over the previous month, contrasting the 0.24% drop seen in November.

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