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Switzerland Inflation March 2022

Switzerland: Inflation increases in March

Consumer prices increased 0.57% in March over the previous month, slowing down from February’s 0.66% rise. The cooling of price pressures was largely driven by a softer increase in prices for housing and energy. In addition, price pressures for healthcare dropped at a faster rate.

Inflation came in at 2.4% in March, up from February’s 2.2%. March’s result marked the highest inflation rate since October 2008. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 1.2% in March (February: 1.0%).

Looking ahead, Russia’s invasion of Ukraine is leading to higher global commodity prices, which will keep inflation relatively high by recent Swiss standards over the coming quarters. However, upward pressures should be somewhat muffled by the country’s limited reliance on fossil fuels for electricity generation and the recent appreciation of the franc, and inflation will stay very mild in the broader European context.

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