Swiss Consumer Price Index in August 2020: -0.9 percent YoY, 0.0 percent MoM

The stability of the index compared with the previous month is the result of opposing trends that counterbalanced each other overall. Prices for clothing and footwear increased, as well as prices for hotel accommodation and mobile communication. In contrast, prices for airfares, international package holidays and housing rentals decreased.

Switzerland Consumer Price Index (CPI) YoY, August 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, the Federal Statistical Office (FSO) must continue to provide public opinion, particularly the country’s decision makers and media, with reliable figures.

In August 2020, it was possible to collect all prices according to the survey plan with the exception of airfares, for which certain prices are still missing, and sporting events. For airfares, the price trend measured for those flights that could be ascertained was applied to missing flights from the same category, neutralising their impact on the results. As the majority of prices for sporting events are not available, the prices for the previous period are carried over and the collection of new prices postponed until October. With the exception of airfares and sporting events, the quality of the price collection for the LIK in August meets the usual standards.

Harmonised Index of Consumer Prices (HICP)

In August2020, the Swiss Harmonised Index of Consumer Prices (HICP) stood at 100.54points(base2015=100). This corresponds to a rate of change of -0.1%compared with the previous month and of –1.4%compared with the same month the previous year. Due to the effects of the pandemic, the same missing priceimputation 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.