Switzerland Inflation September 2022


Switzerland: Inflation dips to lowest level since May in September

October 3, 2022

Inflation came in at 3.3% in September, which was down from August’s 3.5%. September's figure represented the weakest inflation rate since May. The decline was driven by moderating price pressures for housing, energy and transportation.

Core inflation was stable at 2.0% in September, while annual average inflation rose to 2.5% (August: 2.3%).

Lastly, consumer prices dropped 0.18% over the previous month in September, swinging from the 0.26% rise recorded in August. September's result marked the weakest reading since November 2020.

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 modest 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 September 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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