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.
Author: Oliver Reynolds, Economist