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Annual consumer price inflation hits 0.6%

Aerial view of oil tanks in wintry landscape
The cost of energy is a less important factor for the Swiss consumer price index than in other countries. Keystone/Alessandro Della Bella

Consumer prices in Switzerland increased by 0.6% on average last year, according to the Federal Statistics Office.

The rise is due in particular to higher prices for petroleum products and for housing rentals.

In contrast, prices for international package holidays and medicines decreased, the officeExternal link said on Tuesday.

Prices for domestic products increased by 0.3% on average; those for imported products increased by 1.5%.

In 2020 and 2019, average annual inflation was -0.7% and +0.4% respectively.

The consumer price index fell by 0.1% in December compared with the previous month, while inflation was up 1.5% compared with December 2020.

Experts say inflation in Switzerland remains low compared with other countries in Europe and the United States. The strength of the Swiss franc is seen as one factor among others, notably the lower importance of the cost of energy in the index and generally higher prices for consumer goods.

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