In Switzerland, inflation has calmed down in 2024

Consumer prices slowed their progression last year in Switzerland, after the acceleration in recent years, despite increases in rents and electricity prices, partially offset by a drop in gas and medicines.

In 2024, average annual inflation stood at 1.1%, after reaching 2.1% the previous year and 2.8% in 2022 following Russia’s invasion of Ukraine, announced Tuesday the Federal Statistical Office (FSO) in a press release.

In December alone, inflation stood at 0.6% year-on-year. Over one month, the consumer price index (CPI) on the other hand decreased by 0.1%. These data are consistent with the forecasts of economists surveyed by the AWP agency.

Cheaper gasoline and diesel

Over the last month of the year, the main contributors to the decline in inflation were food with a drop in prices of 0.9% compared to December 2023. The cost of clothing and shoes (-1.4% ), medicines (-2.8%), air transport (-4.6%), diesel (-5.4%) and gasoline (-1.3%) also made it possible to reduce the pressure on the wallets of Swiss consumers.

The main item of expenditure for Swiss households, rents, on the other hand, increased by 3.4%, while international package trips (+3.8%) and coffee (+2%) also showed rising prices.