Over the month of December 2022, Switzerland’s consumer price index (CPI) fell by 0.2%, bringing the annual inflation rate for 2022 to +2.8%, according to Switzerland’s Federal Statistical Office (FSO).
The modest deflation during December 2022 was driven by several factors including falling prices for fuels and heating oil. The prices for fruiting vegetables also declined, along with the prices for medicines. In contrast, rents for holiday flats and the hire of private transport increased.
Over the year, the prices of fixed-line and mobile communication and medicines decreased, reducing the impact of rising energy and healthcare prices.
During 2022, prices for domestic products increased by 1.6% on average, while the prices of imported products increased by 6.7%.
Average annual inflation was +0.6% in 2021 and -0.7% in 2020. Over the last three years combined Switzerland’s CPI has risen by 2.7%, equivalent to an annualised rate of 0.9%.