Swiss consumer price index decreased in December

According to the report from the Federal Statistical Office (FSO), the consumer price index (CPI) fell by 0.1% in December 2020 compared with the previous month, reaching 100.9 points (December 2015 = 100). Inflation was –0.8% compared with the same month of the previous year. The average annual inflation reached –0.7% in 2020.

The average annual inflation for 2020 corresponds to the rate of change between the annual average of the CPI for 2020 and that for 2019. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. The average annual inflation reached –0.7% in 2020. This decrease is due in particular to lower prices for international package holidays, petroleum products and for air transport. In contrast, prices for housing rentals and new cars increased. Prices for domestic products remained stable on average, those for imported products decreased by 2.9%. The average annual inflation reached +0.4% in 2019 and +0.9% in 2018.

The 0.1% decrease compared with the previous month can be explained by several factors including falling prices for international package holidays. Medicines also recorded a price decrease, as did fruiting vegetables. In contrast, prices for heating oil and air transport increased.