“Perceived inflation” in Switzerland higher again in June
Published: Wednesday, Jul 24th 2024, 23:40
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Everyday goods in Switzerland became more expensive again in June. The so-called "perceived inflation" was on a par with the official inflation rate.
According to the Comparis Consumer Price Index published on Thursday, prices for everyday goods in Switzerland rose by 1.3% in June compared to the same month last year. This means that the selected everyday goods covered by the index rose on average at the same rate as prices according to the official national consumer price index (CPI) published by the Federal Statistical Office (FSO).
However, according to Comparis, prices rose by 0.4% compared to the previous month of May, while the CPI did not change compared to the previous month.
According to the figures, the price of electricity rose the most compared to June 2023 at 17.8%. Sugar followed in second place with an increase of 11.0%. Sugar prices had already risen by 13.7% a year earlier - i.e. from June 2022 to June 2023.
Expensive food
According to Comparis, food has generally become 6.7 percent more expensive on average in the last three years. The prices for margarine, cooking fats and oils and sugar in the food sector have risen the most in the last three years, by a good quarter.
This was followed by butter and chocolate with over 10%, as well as bread, flour and cereal products and milk, cheese and eggs with almost 10%. By contrast, prices for fruit, vegetables, potatoes and mushrooms, confectionery and ice cream rose the least, by between 1.1% and 3.5%.
"There are many reasons for the increased prices: on the one hand, there are higher production costs, such as higher energy prices. In addition, poor harvest results are responsible for the price explosion, for example due to increasing weather extremes," explains Dirk Renkert from Comparis. According to Renkert, food accounts for over a tenth of a Swiss household's consumption budget.
However, according to the Comparis consumer price index, food became cheaper year-on-year, on average by 0.4 percent.
The Comparis Consumer Price Index, in collaboration with the KOF Swiss Economic Institute at the Swiss Federal Institute of Technology (ETH), claims to reflect perceived inflation by adjusting the National Consumer Price Index (CPI) data for rents and durable goods such as cars and furniture. The CPI measures price changes using a representative basket of around 1050 goods and services.
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