Data published by the Federal Statistical Office (FSO) showed that in December consumer prices rose by 1.7% per annum after increasing by 1.4% per annum (lowest rate since October 2021) in November. Economists expected an increase of 1.5% per annum. Average annual inflation was +2.1% in 2023. This increase was due in particular to higher prices for electricity, gas and for housing rentals. In contrast, prices for petroleum products, combined offers for fixed-line and mobile communication and medicines decreased. Average annual inflation was +2.8% in 2022 and +0.6% in 2021.
On a monthly basis, consumer prices remained unchanged after falling 0.2% in November. Consensus estimates suggested a 0.2% drop.
The FSO reported that the stability of the CPI compared with the previous month is the result of opposing trends that counterbalanced each other overall. Prices for hotels and supplementary accommodation increased, as well as those for public transport and air transport. In contrast, prices for motor fuels, heating oil, medicines and international package holidays decreased.
Core inflation - excluding fresh and seasonal products, energy and fuel - increased by 0.2% on a monthly basis and by 1.5% per year.
The data also showed that in December, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - increased by 0.3% compared to November and by 2.1% per year.