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Switzerland Inflation

Switzerland Inflation

Inflation in Switzerland

Consumer price inflation averaged 0.3% in the ten years to 2022 in Switzerland. The 2022 average figure was 2.8%. For more inflation information, visit our dedicated page.

Switzerland Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Switzerland from 2014 to 2023.
Source: Swiss Federal Statistical Office.

Switzerland Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 0.9 0.4 -0.7 0.6 2.8
Inflation (CPI, ann. var. %, eop) 0.7 0.2 -0.8 1.5 2.8

Inflation falls to lowest level since October 2021 in January

Inflation came in at 1.3% in January, which was down from December’s 1.7% and in line with the Central Bank target of below 2.0%. January's result represented the weakest inflation rate since October 2021. Weaker price pressures for food, housing and transport were behind the fall. Moreover, inflation was mild compared to neighbors—Euro area inflation clocked 2.8% in January—thanks to Switzerland’s ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth. Annual average inflation fell to 2.0% in January (December: 2.1%). Finally, consumer prices increased 0.17% in January over the previous month, picking up from the 0.05% increase recorded in December. January's result marked the highest reading since August 2023.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Swiss inflation projections for the next ten years from a panel of 35 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Swiss inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Swiss inflation projections.

Want to get access to the full dataset of Swiss inflation forecasts? Send an email to info@focus-economics.com.

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