Switzerland Inflation


Switzerland: Inflation enters positive territory in November

December 6, 2013

Consumer prices remained unchanged over the previous month in November. The reading came in above both the 0.1% decrease observed in October and the 0.2% fall the market had expected. The subdued print mainly reflects that lower prices for telecommunications, oil products and fresh food compensated for higher prices for package holidays and rents.

Consumer prices rose 0.1% in November over the same month last year (October: -0.3% year-on-year). November's result marked the first increase since September 2011, which was when the Swiss National Bank established the 1.20 CHF per EUR cap to counter the appreciation of the Swiss franc. Despite the increase, the inflation rate remains well under the Bank's 2.0% target. Annual average variation in consumer prices has remained stable at the same minus 0.3% rate since August.

The Central Bank expects consumer prices to drop 0.2% this year, according to its September macroeconomic outlook. For 2014, the Bank expects inflation to rise 0.3%. Panelists polled by FocusEconomics see inflation at 0.2% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, panelists expect inflation to rise to 0.6%, which is unchanged from last month's forecast.

Author:, Senior Economist

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Switzerland Inflation Chart

Switzerland Inflation November 2013

Note: Month-on-month changes and annual variation of consumer price index in %.
Source: Swiss Federal Statistics Office (BFS) and FocusEconomics calculations.

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