The Consumer price inflation in Switzerland attained a value of 1.11 % in 2024
The indicator recorded a historical change (bps difference) of 53 bps between 2021 to 2024, and is expected to grow by...
GlobalData projects the figure to change by 35 bps between 2025 and 2029, reaching...
Inflation
Inflation is the term used to describe an increase in the price of goods and services within an economy that reduces the purchasing power of the currency. It is calculated as the rate of price change over a specific period. The consumer price index is one of the most used measures for determining inflation in an economy (CPI).
Global Inflation
The average yearly rate of growing rise in national prices across all nations is what is known as global inflation. There are several ways to compute it, including the basic average, weighted average, and median price change. Due to supply chain disruption brought on by the conflict between Russia and Ukraine, the global inflation rate is predicted to increase to 6.5 percent in 2022 from 3.5 percent in the previous year. Between 2021 and 2022, the annual inflation rate increased in most nations, although it increased at some of the greatest rates in Europe, Brazil, Turkey, the United States, and Israel. Nearly half of the Eurozone nations experienced double-digit inflation by June 2022, and the region's average inflation rate hit 8.6 percent, the highest level since the currency union in 1999.
Consumer Price Inflation in Switzerland
Between 2018-2021, the consumer price inflation in Switzerland was highest in the year 2021, reaching 0.6%, a decrease of 1.8% over the previous year 2020. Between 2018 to 2021, Switzerland’s consumer Inflation decreased by 0.4%.
According to GlobalData, the inflation rate was recorded at 0.6% in 2021, following deflation of 0.2% in 2020. The increase in the inflation rate was mainly due to increasing prices for petroleum products and housing rentals. According to the Federal Statistics Office of Switzerland, in 2021, domestic prices increased by 0.3% on average and those for imported products increased by 1.5%. According to GlobalData, the inflation rate is forecast to increase to 2.3% in 2022, amid the Russia-Ukraine war, which has consequently led to rising energy prices across most European nations.
Factors that Impact Inflation Rate
Some of the major factors affecting consumer prices are government policies, money supply, consumer spending, employment levels, high disposable income, and wage levels. Interest rates can also have a significant impact on spending on consumer goods.
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