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Switzerland Inflation December 2022

Switzerland: Inflation falls to lowest level since April in December

Inflation came in at 2.8% in December, down from Novembers 3.0%. December’s result marked the weakest inflation rate since April. The drop was largely driven by slower rises in prices for housing and energy, food and transport.

Annual average inflation rose to 2.8% in December (November: 2.7%).

Lastly, consumer prices dropped 0.22% in December over the previous month, following the flat result logged in November. December’s result marked the sharpest fall in prices since November 2020.

Decembers inflation reading was more than three times below the Euro area average, dampened by a strong franc, Switzerlands limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations and mild wage growth. Inflation should fall back to the Swiss National Banks target of below 2% in H2 this year.

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