Inflation in Switzerland
Switzerland - Inflation
Inflation rises in June to near two-decade high
Consumer prices increased 0.50% in June over the previous month, which was below the 0.65% rise logged in May. This was largely driven by slower growth in prices for food, housing and energy. In contrast, transport price growth quickened.
Inflation came in at 3.4% in June, up from May’s 2.9%. June's figure was the highest inflation rate since September 1993. Annual average inflation edged up to 1.8% in June (May: 1.6%).
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.
FocusEconomics Consensus Forecast panelists expect consumer prices to rise 2.5% on average in 2022, which is up 0.3 percentage points from last month’s forecast. For 2023, panelists pencil in average inflation of 1.3%.
Switzerland - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | -1.1 | -0.4 | 0.5 | 0.9 | 0.4 |
Switzerland Inflation Chart
Source: Swiss Federal Statistics Office (BFS) and FocusEconomics calculations.
Switzerland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | -0.51 | 6.27 % | Jan 01 |
| Exchange Rate | 0.97 | -0.54 % | Jan 01 |
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Economic News
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Switzerland: Inflation rises in June to near two-decade high
July 4, 2022
Consumer prices increased 0.50% in June over the previous month, which was below the 0.65% rise logged in May.
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Switzerland: Manufacturing PMI records worst reading since December 2020 in June; Services PMI dips
July 1, 2022
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 59.1 in June from May's 60.0.
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Switzerland: KOF Economic Barometer drops to over one-year low in June
June 30, 2022
The KOF Economic Barometer came in at 96.9 in June, down from May's 97.7.
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Switzerland: Decline in retail sales softens in May
June 30, 2022
Retail sales fell 1.6% year on-year in calendar-adjusted terms in May (April: -5.5% c.a.
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Switzerland: SNB hikes rates in June in shock move
June 16, 2022
At its meeting on 16 June the Swiss National Bank (SNB) raised its policy rate and the interest rate on sight deposits from minus 0.75%—the world’s lowest—to minus 0.25%.
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