Swiss inflation turns negative in 2020 : vimarsana.com

Swiss inflation turns negative in 2020
During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO).
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In December 2020, Switzerland’s consumer price index (CPI) fell by 0.1% compared with November 2020. Compared to December 2019, prices in December 2020 were 0.8% lower. Annual inflation reached -0.7% across the full year.
The main drivers of a falling CPI were lower travel prices and fuel costs. The price declines on these items were more significant than rising new car prices and rents, said the FSO. So far the pandemic seems to have pushed up rents and property prices. The prices of local products remained stable, however imported items were 2.9% cheaper. This is partly down to Switzerland’s strong currency. According to the latest Economist Big Mac index, the Swiss franc is the only currency that is overvalued against the US dollar.

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