Switzerland Inflation April 2022


Switzerland: Inflation comes in at highest level since October 2008 in April

May 4, 2022

Consumer prices increased 0.37% over the previous month in April, following March's 0.57% rise. Looking at the details of the release, the change in the prices of housing and energy was broadly stable in April and prices for healthcare were broadly in line with the previous month. Meanwhile, transportation prices increased at a weaker pace. Moreover, prices for food and non-alcoholic beverages dropped.

Inflation came in at 2.5% in April, up from March’s 2.4% and above the Central Bank’s 2% target. April's reading marked the highest inflation rate since October 2008. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 1.4% in April (March: 1.2%).

Looking ahead, Russia’s invasion of Ukraine is leading to higher global commodity prices and lockdowns in China are affecting supply chains. These factors will keep inflation relatively high by recent Swiss standards over the coming quarters. However, upward pressures should be somewhat muffled by the country’s limited reliance on fossil fuels for electricity generation, and inflation will stay very mild in the broader European context.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 2.0% on average in 2022, which is up 0.3 percentage points from last month’s forecast. For 2023, panelists pencil in average inflation of 1.0%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation April 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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