Switzerland Inflation July 2021


Switzerland: Inflation hits over two-year high in July

August 2, 2021

Consumer prices fell 0.08% in July over the previous month, contrasting June's 0.07% increase. July's result marked the sharpest fall in prices since December 2020. Looking at the details of the release, prices for food, housing and energy rose in July. Prices for healthcare were broadly stable.

Inflation came in at 0.7% in July, which was up from June’s 0.6%. July's figure represented the highest inflation rate since April 2019. The annual average variation of consumer prices ticked up to minus 0.2% in July (June: -0.4%).

Price pressures are expected to average higher this year than last, supported by a weaker franc, higher oil prices and stronger activity. However, inflation will be muted nonetheless, which will ensure the Swiss National Bank maintains its extremely expansionary monetary policy.

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.4% on average in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, panelists pencil in average inflation of 0.6%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation July 2021

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Swiss Federal Statistics Office (BFS).

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