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Swiss Consumer Price Index in May 2020: -1.3 percent YoY, 0.0 percent MoM

04.06.2020 – The consumer price index (CPI) remained stable in May 2020 compared with the previous month, remaining at 101.3 points (December 2015 = 100). Inflation was –1.3% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).
The stability of the index compared with the previous month is the result of opposing trends that counterbalanced each other overall. Prices for housing rental, international package holidays and those for stone fruits increased. In contrast, prices for fuel and hotel accommodation decreased.

Switzerland Consumer Price Index (CPI) YoY, May 2020

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Switzerland Consumer Price Index (CPI) YoY, May 2020

Source: investing.com - Click to enlarge

Quality of results

The current pandemic affects all of society and the entire economy. In this difficult context, it is more important than ever that the Federal Statistical Office (FSO) should continue to provide public opinion, particularly the country’s decision makers and media, with reliable figures that allow the consequences of this health crisis to be measured.

In contrast to the previous month, it was possible to collect the bulk of the prices in May 2020. Only the positions linked to tourism (hotels, airfares and package holidays) were still heavily impacted by the special situation. For these indices, the movement in the prices of the surveyed products belonging to the same category was imputed so that the missing prices had no influence on the results.

With the exception of these tourism positions, the quality of the price collections for the CPI complies with usual standards in May 2020.

We would like to take this opportunity to sincerely thank our partners, who are also doing their utmost to transmit their data to us in these difficult circumstances.

Harmonised Index of Consumer Prices (HICP)

In May 2020, the Swiss Harmonised Index of Consumer Prices (HICP) stood at 100.65 points (base 2015 = 100). This corresponds to a rate of change of –0.2% compared with the previous month and of –1.0% 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.

The European Statistical Office, Eurostat, publishes the results according to a predefined calendar. The FSO publishes a comparison between inflation in Switzerland and Europe on the webpage www.ipch.bfs.admin.ch. A  methodological note, the 2020 weighting of the Swiss standard HICP basket and the FSO News publication on the HICP are also available on this page. Eurostat will
publish the HICP indices for other European countries for May 2020 on 17 June 2020. You will find the HICP results on the Eurostat website at the following address: https://ec.europa.eu/eurostat/web/hicp

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Download press release: Consumer prices remained stable in May

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Swiss Statistics
The Swiss Federal Statistics Office publishes information on the situation and developments in Switzerland in a multitude of fields and plays a part in enabling comparisons at an internal level.
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