Last year average annual inflation stood at 1.1%, down from 2.1% in 2023 and 2.8% in 2022.
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Listening: Swiss inflation settled in 2024
Consumer prices fell last year in Switzerland, new figures show. Higher rents and electricity prices were partially offset by lower prices for gas and prescription drugs.
Last year average annual inflation stood at 1.1%, down from 2.1% in 2023 and 2.8% in 2022 following Russia’s invasion of Ukraine, the Swiss Federal Statistical Office (FSO) said on Tuesday.
In December, year-on-year inflation was 0.6%. On a month-on-month basis, the consumer price index (CPI) fell by 0.1%. These figures are in line with the forecasts of economists polled by the AWP news agency.
During the last month of 2024, the main contributors to lower inflation were food prices, which fell by 0.9% compared with December 2023. The costs of clothing and footwear (-1.4%), medicines (-2.8%), air travel (-4.6%), diesel (-5.4%) and petrol (-1.3%) also eased the pressure on Swiss consumers’ wallets.
Meanwhile, rents rose by 3.4%, while the costs of foreign holidays (+3.8%) and coffee (+2%) were also higher.
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