Swiss consumer price index fell in July

According to the report from Federal Statistical Office (FSO), the consumer price index (CPI) fell by 0.2% in July 2020 compared with the previous month, reaching 101.2 points (December 2015 = 100). Inflation was –0.9% compared with the same month of the previ-ous year.

The decrease of 0.2% compared with the previous month can be explained by several factors including falling prices for clothing and footwear due to seasonal sales. The prices of mobile communication also declined, along with the prices for melons and grapes (“other fruits“). In contrast, prices for international package holidays and air transport increased.

In July 2020, the Swiss Harmonised Index of Consumer Prices (HICP) stood at 100.63 points (base 2015 = 100). This corresponds to a rate of change of +0.1% compared with the previous month and of –1.2% compared with the same month the previous year. Due to the effects of the pandemic, the same missing price imputation techniques used for the CPI were introduced for the HICP. The HICP is a supplementary indicator for inflation based on a harmonised method across EU member countries. It enables inflation in Switzerland to be compared with that of European countries.