Swiss inflation settled in 2024

Last year average annual inflation stood at 1.1%, down from 2.1% in 2023 and 2.8% in 2022. Keystone-SDA

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.

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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.

+ Switzerland navigates own course through inflation maze

Cheaper petrol and diesel

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.

Translated from French by DeepL/sb

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