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Switzerland Inflation May 2023

Switzerland: Inflation falls to over one-year low in May

Inflation came in at 2.2% in May, down from April’s 2.6%. May’s figure marked the weakest inflation rate since February 2022. Softer price pressures for food, housing and transport drove the decline. Inflation is low compared to neighbors, with euro area inflation clocking 6.1% in May. This is due to Switzerland’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth. That said, inflation remains slightly above the Central Bank’s target of less than 2%.

The trend was unchanged, with annual average inflation coming in at April’s 3.1% in May.

Finally, consumer prices rose 0.25% in May over the previous month, after the flat result seen in April.

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