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Switzerland Inflation May 2022

Switzerland: Inflation comes in at highest level since July 2008 in May

Consumer prices increased 0.65% from the previous month in May, picking up from April’s 0.37% increase. The pick-up was largely due to rising prices for food, housing and energy.

Inflation increased to 2.9% in May, above April’s 2.5%. May’s result marked the highest inflation rate since July 2008. Annual average inflation ticked up to 1.6% in May (April: 1.4%).

Over the coming quarters, higher commodity prices due to the war in Ukraine will keep inflation relatively elevated by recent Swiss standards at over 2%. However, upward pressures should be somewhat muffled by the country’s limited reliance on fossil fuels for electricity generation, ingrained low inflation expectations and mild wage growth. As such, inflation will stay very mild in the broader European context.

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