Prices Inflation in Switzerland down significantly in 2024
Annual inflation in Switzerland fell slightly in December. It even fell significantly on average in 2024.
07.01.2025, 08:30
07.01.2025, 09:12
SDA
Inflation amounted to 0.6 percent in December after 0.7 percent in November, as reported by the Federal Statistical Office (FSO) on Tuesday. This means that Swiss consumer goods were on average 0.6% more expensive in December than in the same month last year. Domestic goods are still significantly more expensive than a year ago (+1.5%), while imported goods (-2.2%) are still clearly cheaper than a year ago.
Core inflation also fell in December - to 0.7% from 0.9% in November. This excludes price changes for food and energy, which are often very volatile. Central banks often look at this figure more than the general inflation figure when combating inflation.
Residential rents are still significantly more expensive than a year ago (+3.4%). If they were removed from the index, inflation in December would have been just 0.0%.
Slight fall in prices compared to the previous month
Compared to the previous month, prices have fallen slightly. The so-called national consumer price index (CPI) fell by 0.1% to 106.9 points.
According to the FSO, this decline is due to various factors, including lower prices for package tours abroad, medicines and various types of vegetables. In contrast, prices in the para-hotel and hotel sectors rose.
Clear decline in the annual average
The annual average inflation rate in 2024 was 1.1%, with a high of 1.4% (April, May) and a low of 0.6% (October, December). This means that local goods were 1.1% more expensive on average in 2024 than in the previous year.
According to the FSO, this increase is due in particular to higher prices for residential rents and electricity. In contrast, prices for medicines, gas and second-hand cars have fallen. The prices of domestic products rose by an annual average of 1.9%, while those of imported goods fell by 1.9%.
Compared to the two previous years, inflation was significantly lower in 2024. In 2023, the figure was 2.1% and in 2022 even 2.8%. By contrast, there had been deflationary trends in 2020 with a value of -0.7%.annual inflation in Switzerland fell slightly in December. It even fell significantly on average in 2024.
