News

Switzerland CPI Continues to Fall
Consumer prices in Switzerland fell 0.5 percent year-on-year in January of 2021, the 12th consecutive month of deflation and compared to forecasts of a 0.6 percent drop. Main downward pressure came from cost of housing and energy (-0.3 percent), healthcare (-0.2 percent), food and non-alcoholic beverages (-0.3 percent) and transport (-1.4 percent). On a monthly basis, prices edged up 0.1 percent, the first increase since March last year, due to several factors including rising prices for hotel accommodation, fuel, second-hand cars. In contrast, prices for air transport and clothing and footwear decreased, the latter due to seasonal sales.
Published on 2021-02-12

Switzerland in Deflation Territory for 11th Month
Consumer prices in Switzerland fell 0.8 percent year-on-year in December of 2020, more than market forecasts of a 0.7 percent drop. It is the 11th consecutive month of deflation, bringing average annual inflation in 2020 to -0.7 percent compared to 0.4 percent in 2019. During the year, prices decreased mainly for international package holidays, petroleum products and air transport. On a monthly basis, consumer prices were down 0.1 percent, compared to forecasts of a flat reading, and weighed down by several factors including falling prices for international package holidays. Medicines also recorded a price decrease, as did fruiting vegetables. In contrast, prices for heating oil and air transport increased.
Published on 2021-01-05

Swiss Deflation Deepens
Consumer prices in Switzerland fell 0.7 percent year-on-year in November of 2020, extending deflation for a 10th month. Figures compare with market forecasts of a 0.5 percent drop. Biggest downward impact came from prices of housing and energy (-0.7 percent); healthcare (-0.6 percent); and transport (-3.2 percent). In contrast, main upward pressure came from cost of food and non-alcoholic beverages (0.4 percent) and restaurants and hotels (0.5 percent). On a monthly basis, consumer prices went down 0.2 percent, mainly due to falling prices for international package holidays. Hotel accommodation also recorded a price decrease, as did fruiting vegetables. In contrast, prices for housing rentals and foreign red wine increased.
Published on 2020-12-02

Switzerland Deflation Extends for 9th Month
Consumer prices in Switzerland fell 0.6 percent year-on-year in October of 2020, extending the deflation for the 9th month but booking the smallest decline since March. Figures came in line with market expectations. Biggest declines were seen in cost of transport (-3.6 percent), recreation and culture (-1.6 percent), healthcare (-0.6 percent) and housing and energy (-0.4 percent). In contrast, main increases were recorded for restaurants and hotels (0.9 percent), food (0.8 percent), alcoholic beverages (0.8 percent) and education (0.8 percent). On a monthly basis, consumer prices were flat, the same as in the previous month. Prices for clothing and footwear increased, as well as those for glasses and contact lenses. In contrast, prices for combined offers for fixed-line and mobile communication, as well as those for other fruits (melons and grapes) decreased.
Published on 2020-11-03

Swiss Consumer Prices Drop the Least in 6 Months
Switzerland's consumer prices declined 0.8 percent from a year earlier in September 2020, the least since March and in line with market expectations. There were decreases in cost for housing & utilities (-0.5 percent vs -0.4 percent in August), health (-0.8 percent, the same pace as in August), transport (-3.7 percent vs -4.2 percent), recreation & culture (-2.4 percent vs -2.9 percent). Meanwhile, prices rose for food & non-alcoholic beverages (0.5 percent vs 0.2 percent), restaurants & hotels (0.3 percent vs 0.5 percent) and clothing & footwear rebounded (0.4 percent vs -0.3 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels dropped 0.3 percent, also the least since March. On a monthly basis, consumer prices were flat in September, matching market consensus.
Published on 2020-10-01

Swiss Consumer Prices Drop Less than Expected
Switzerland's consumer prices fell 0.9 percent from a year earlier in August 2020, still the smallest decline since March and compared with market expectations of a 0.8 percent drop. There were decreases in prices of housing & utilities (-0.4 percent vs -0.2 percent in July), health (-0.8 vs -1.0 percent), transport (-4.2 percent vs -4.6 percent), recreation & culture (-2.9 percent vs -3.2 percent), and clothing & footwear (-0.3 percent vs 0.3 percent). Meanwhile, prices increased further for both food & non-alcoholic beverages increased softer (0.2 percent vs 0.7 percent) and restaurants & hotels (0.5 percent vs 0.1 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels dropped 0.4 percent, still the least since March. On a monthly basis, consumer prices were flat in August, compared to market consensus of a 0.1 percent rise.
Published on 2020-09-03

Swiss Consumer Prices Fall the Least in 4 Months
Switzerland's consumer prices dropped 0.9 percent from a year earlier in July 2020, the smallest fall since March and compared with market expectations of a 1.1 percent decline. There were decreases in prices of housing & utilities (-0.2 percent vs -0.1 percent in June), health (-1.0 vs -0.7 percent), transport (-4.6 percent vs -6.3 percent), recreation & culture (-3.2 percent vs -4.7 percent). Meanwhile, prices of food & non-alcoholic beverages increased softer (0.7 percent vs 1.0 percent). In addition, prices rebounded for both clothing & footwear (0.3 percent vs -1.0 percent), restaurants & hotels (0.1 percent vs -0.3 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels dropped 0.4 percent, the least since March. On a monthly basis, consumer prices went down 0.2 percent in July, compared to market consensus of a 0.4 percent drop.
Published on 2020-08-03

Swiss Consumer Prices Drop the Most Since 2016
Switzerland's consumer prices dropped 1.3 percent from a year earlier in June 2020, the steepest fall since January 2016 and compared with market expectations of a 1.2 percent fall. There were declines in prices of housing & utilities (-0.1 percent vs -0.4 percent in May), health (-0.7 percent, the same as in May), transport (-6.3 percent vs -6.1 percent), recreation & culture (-4.7 percent vs -4.3 percent), clothing & footwear (-1.0 percent vs -0.3 percent), restaurants & hotels (-0.3 percent vs 0.1 percent). Conversely, prices of food & non-alcoholic beverages increased faster (1.0 percent vs 0.4 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels dropped 0.8 percent, the most since January 2016. On a monthly basis, consumer prices were flat in June, compared to market consensus of a 0.1 percent gain.
Published on 2020-07-02

Swiss Consumer Prices Fall the Most in 4-1/2 Years
Switzerland's consumer prices declined 1.3 percent from a year earlier in May 2020, the steepest fall since January 2016 and in line with market expectations. There were decreases in prices of housing & utilities (-0.4 percent vs -0.2 percent in April), health (-0.7 percent vs -0.8 percent), transport (-6.1 percent vs -4.8 percent), recreation & culture (-4.3 percent vs -4.5 percent), clothing & footwear (-0.3 percent vs -0.6 percent). Meanwhile, restaurants & hotels inflation was steady at 0.1 percent. Conversely, prices of food & non-alcoholic beverages rose faster (0.4 percent vs 0.3 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels dropped 0.6 percent, the most since January 2016. On a monthly basis, consumer prices were flat in May, compared to market consensus of a 0.1 percent gain.
Published on 2020-06-04

Swiss Consumer Prices Fall the Most Since 2016
Switzerland's consumer prices declined 1.1 percent from a year earlier in April 2020, the steepest fall since January 2016 and compared to market expectations of a 0.8 percent drop. There were decreases in prices of housing & utilities (-0.2 percent vs -0.1 percent in March), health (-0.8 percent, the same as in March), transport (-4.8 percent vs -2.1 percent), recreation & culture (-4.5 percent vs -3.2 percent), clothing & footwear (-0.6 percent vs 1.3 percent). In addition, inflation slowed for restaurants & hotels (0.1 percent vs 0.2 percent). By contrast, prices of food & non-alcoholic beverages rebounded (0.3 percent vs -0.3 percent). Core consumer prices, which strip out volatile price components like fresh and seasonal products, energy and fuels went down 0.5 percent, the most since March 2016. On a monthly basis, consumer prices dropped 0.4 percent in April, compared to market consensus of a 0.1 percent fall.
Published on 2020-05-05

Switzerland Consumer Prices Fall for 2nd Month
Switzerland's consumer prices declined 0.5% yoy in March 2020, after a 0.1 percent drop in the previous month, and matching market expectations. It was the second straight month of decline and the steepest fall since March 2016, as prices dropped for housing & utilities (-0.1% vs 0.3% in February); food & non-alcoholic beverages (-0.3% vs -1.3%); transport (-2.1% vs -0.3%); recreation & culture (-3.2% vs -1.1%) and health (-0.8% vs 0.8%). In addition, prices rose less for restaurants & hotels (0.2% vs 0.9%) and clothing & footwear (1.3% vs 2.4%). Annual core consumer prices, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, edged down 0.1%, the first decrease since February 2017, after increasing by 0.2% in February. On a monthly basis, consumer prices inched up 0.1% in March, in line with market consensus.
Published on 2020-04-02

Switzerland Consumer Prices Edge Down 0.1% in February
Switzerland's consumer prices edged down 0.1 percent year-on-year in February 2020, down from a four-month high of a 0.2 percent rise in the previous month, and missing market expectations of a 0.1 percent gain. It was the first decrease in consumer prices since November last year, as prices fell for: transport (-0.3 pct vs 0.1 pct in January); health (-0.8 pct vs -0.8 pct); food & non-alcoholic beverages (-1.3 pct vs -1.0 pct); and recreation & culture (-1.1 pct vs -0.4 pct). In addition, prices rose softer for: housing & utilities (0.3 pct vs 0.7 pct) and restaurants & hotels (0.9 pct vs 1.2 pct), while clothing & footwear inflation was steady (at 2.4 pct). Annual core inflation, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, stood at 0.2 percent in February, unchanged from January. On a monthly basis, consumer prices inched higher 0.1 percent in February, below market consensus 0.2 percent gain.
Published on 2020-03-04

Swiss Inflation Rate Holds Steady at 4-Month High
Switzerland's consumer price inflation stood at 0.2 percent year-on-year in January 2020, unchanged from the previous month's four-month high and slightly above market expectations of 0.1 percent. Upward pressure came from: housing & utilities (0.7 percent vs 0.6 percent in December); clothing & footwear (2.4 percent vs 1.3 percent); restaurants & hotels (1.2 percent vs 0.6 percent); transport (0.1 percent vs -0.5 percent). On the other hand, prices fell for health (-0.8 percent vs -0.6 percent); food & non-alcoholic beverages (-1.0 percent vs -0.7 percent); and recreation & culture (-0.4 percent vs 0.1 percent). Annual core inflation, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, fell to 0.2 percent in January from 0.4 percent in December. On a monthly basis, consumer prices went down 0.2 percent in January, in line with consensus.
Published on 2020-02-10

Swiss Consumer Prices Rebound in December
Switzerland's consumer prices increased 0.2 percent year-on-year in December 2019, rebounding from a 0.1 percent fall in the previous month and defying market expectations of a flat reading. Housing prices rose, while food and transport deflation eased. Annual core inflation, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, held steady at 0.4 percent. Considering 2019 full year, the average inflation slowed to 0.4 percent from 0.9 percent in 2018. There were higher prices for housing rentals and for new cars, while costs for petroleum products and medicines decreased. Prices for domestic products increased by 0.5 percent on average, those for imported products remained stable.
Published on 2020-01-07

Swiss Consumer Prices Fall for 2nd Month
Switzerland's consumer prices inched lower 0.1 percent year-on-year in November 2019, after a 0.3 percent fall in the previous month and in line with market expectations. It was the second straight month of deflation, as food, health and transport prices continued to drop, while housing costs were flat.
Published on 2019-12-03

Switzerland Posts 1st Month of Deflation in 3 Years
Switzerland's consumer prices declined 0.3 percent year-on-year in October 2019, after a 0.1 percent rise in the previous month, missing market expectations of a flat reading. It was the first month of deflation since November 2016, as housing prices fell, while both transport and food prices decreased faster, and health prices continued to drop.
Published on 2019-11-01

Swiss Inflation Rate at Over 2-1/2 Year-Low
Switzerland's annual inflation rate declined to 0.1 percent in September 2019 from 0.3 percent in the previous month, lower than market expectations of 0.3 percent. It was the lowest inflation since December 2016, well below the central bank's target of just below 2 percent as the franc surged to 2-year high against the Euro in the beginning of the month. Both transport and food prices fell, while housing inflation was steady, and health prices continued to drop.
Published on 2019-10-02

Swiss Inflation Rate Holds Steady at 2-Year Low
Switzerland's annual inflation was unchanged at 0.3 percent in August 2019, the lowest since July 2017 and in line with market expectations. A slowdown in housing inflation was offset by a rebound in food prices. In addition, restaurants and hotels cost rose at a faster pace while healthcare deepened. Annual core inflation, which strips out volatile price components like fresh and seasonal products, energy and fuels, stood at 0.4 percent in August, unchanged from the previous month's five-month low. On a monthly basis, consumer prices were flat in August, after decreasing by 0.5 percent in July and compared to market consensus of a 0.1 percent fall.
Published on 2019-09-03

Swiss Inflation Rate Slows to 2-Year Low
Switzerland's annual inflation fell to 0.3 percent in July 2019, the lowest since July 2017, from 0.6 percent in the previous month and below market expectations of 0.5 percent. Transport and restaurant & hotels inflation rates slowed while food and health prices fell. Annual core inflation, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, declined to 0.4 percent, the lowest since February. On a monthly basis, consumer prices dropped 0.5 percent in July, after being unchanged in June and compared to market consensus of a 0.3 percent fall. This was the biggest monthly decline in consumer prices since July 2015.
Published on 2019-08-02

Swiss Inflation Rate Unchanged at 0.6%
Switzerland's annual inflation stood at 0.6 percent in June 2019, unchanged from the previous month's three-month low and slightly above market expectations of 0.5 percent. Cost of transport, housing, food, and health rose at softer pace, while restaurants and hotels inflation accelerated. Annual core inflation, which strips out volatile price components like food, beverages, tobacco, seasonal products, energy and fuel, edged up to 0.7 percent in June, the highest since December 2017.
Published on 2019-07-04