Inflation rises relatively sharply in December
Published: Monday, Jan 8th 2024, 09:40
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Inflation in Switzerland rose relatively sharply in December. However, it remains within the range of 0 to 2 percent targeted by the Swiss National Bank (SNB).
Specifically, inflation rose to 1.7 percent in the month under review from 1.4 percent in November, as reported by the Federal Statistical Office (FSO) on Monday. This means that Swiss consumer goods were 1.7 percent more expensive in December than in the same month last year. Economists surveyed by AWP had estimated slightly lower figures of between 1.4 and 1.6 percent.
Inflation had recently fallen significantly from over 3 percent, falling below the 2 percent mark in June 2023 for the first time since January 2022.
Inflation remains relatively high for domestic goods. These still cost 2.3 percent more in the month under review than a year earlier, while imported goods were 0.2 percent cheaper. Core inflation, which excludes volatile goods such as food, energy and fuel, rose from 1.3 percent to 1.5 percent.
Decline in the same month of the previous year
The current rise in annual inflation can be explained by the so-called base effect, i.e. the fact that prices measured by the national consumer price index (CPI) fell in the same month of the previous year and have now remained unchanged compared to the previous month. The CPI remained at 106.2 points.
According to the statisticians, the price stability compared to the previous month was the result of opposing developments that offset each other overall. Prices for the hotel and parahotel industry rose, as did those for public transport and air travel. In contrast, prices for fuel and heating oil as well as for package tours abroad and medicines have fallen.
2.1 percent on average in 2023
After the turn of the year, the statistics office also calculates the data on average annual inflation. It was 2.1 percent last year in 2023. In 2022, the average inflation rate was +2.8 percent, in 2021 it was +0.6 percent.
According to the FSO, the increase was due in particular to higher prices for electricity and gas as well as higher rents for housing. In contrast, prices for petroleum products, certain telecommunications products and medicines fell.
At 2.1%, inflation in Germany remained relatively moderate in 2023. In Germany, for example, it averaged 5.9% in 2023.
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