Switzerland Inflation December 2021


Switzerland: Inflation holds steady in December

January 4, 2022

Consumer prices dropped 0.10% from the previous month in December, contrasting the 0.04% rise recorded in November. December's result marked the sharpest fall in prices since November 2020. The decline was broad-based, with lower price pressures recorded for housing and energy, healthcare, and transportation.

Inflation was stable at 1.5% in December. While high by recent Swiss standards, the reading was still very mild in the broader European context, and in line with the Central Bank’s target of keeping inflation below 2%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 0.6% in December (November: 0.4%).

FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.8% on average in 2022, which is up 0.1 percentage points from the previous month. For 2023, panelists pencil in average inflation of 0.6%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation December 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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