Switzerland Inflation May 2021

Switzerland

Switzerland: Inflation rises to near two-year high in May

June 7, 2021

Consumer prices rose 0.26% in May over the previous month, picking up from the 0.21% increase seen in April. The reading was driven by rising prices for housing and energy and transportation.

Inflation rose to 0.6% in May, following April’s 0.3%. May's reading represented the highest inflation rate since June 2019. Meanwhile, the trend pointed up slightly, with the annual average variation of consumer prices coming in at minus 0.5% in May (April: -0.7%).

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 May 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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