Switzerland Inflation June 2021


Switzerland: Inflation registers joint-highest level in over two years in June

July 1, 2021

Consumer prices rose 0.07% over the previous month in June, which was below May's 0.26% rise. June's result marked the softest rise in prices since January. Looking at the details of the release, transportation prices dropped in June compared to the previous month, while price pressures for healthcare remained weak. In addition, prices for food and non-alcoholic beverages grew at a more subdued pace.

Inflation came in at 0.6% in June, unchanged from May’s result. June's figure marked the joint-highest inflation rate since May 2019. Meanwhile, the trend pointed up slightly, with the annual average variation of consumer prices coming in at minus 0.4% in June (May: -0.5%).

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 0.3% on average in 2021, which is unchanged from last month’s forecast. For 2022, panelists pencil in average inflation of 0.5%.

Author:, Economist

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Switzerland Inflation Chart

Switzerland Inflation June 2021 0

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

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