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Cost of oil, sugar, butter up nearly 20% in Switzerland

  • By The Swiss Times
  • 19 April 2023
Fancy an omelet? Only if you can afford it. The cost of Swiss food staples are skyrocketing in 2023, a new report reveals.
Cost of oil, sugar, butter up nearly 20% in Switzerland
Customers study the choice of products in a cooling shelf with dairy products at the Migros branch “Puent” in Zurich-Albisrieden, Switzerland, pictured on February 18, 2009. (KEYSTONE/Alessandro Della Bella) Kunden betrachten am 18. Februar 2009 in der Migros-Filiale “Puent” in Zuerich-Albisrieden ein Kuehlregal mit Milchprodukten. (KEYSTONE/Alessandro Della Bella)

You may be feeling more than just a pinch when you ring up your groceries at Migros or Coop these days. The cost of all food in Switzerland has risen over the last year, with the cost of staple foods skyrocketing, according to a new Consumer Price Index report.

More on the study

The study, which was conducted by Comparis and the Swiss Economic Institute (KOF) in Zurich, found that all Swiss groceries are more expensive in 2023 in comparison to 2022. The study measured how inflation over the past year has affected Swiss consumers. It found that the foods with the biggest increases in price over the past year are:

  • Oil and margarine (19.9%);
  • Sugar (17%);
  • Butter (12.2%);
  • Milk, cheese and eggs (8.5%);
  • Bread, flour, cereals, fruits and vegetables (7%-9%).
Cost of oil, sugar, butter up nearly 20% in Switzerland
A woman gets out her Coop Supercard in Zurich (Keystone SDA).
Why is food so expensive?

This surge is thanks, in part, to global inflation and the war in Ukraine, according to the study. Luckily, food prices increased “less in March than in February,” according to Comparis expert Dirk Renkert.

Data from the Federal Statistical Office (FSO) supports that. Inflation hit 3.4% in February and fell to 2.9% in March. The FSO predicts that the inflation rate will drop in 2024. Unfortunately, consumers will not reap the rewards.

“At this time, current data does not yet show a price drop for most product categories,”  Renkert told The Local.

However, Switzerland is still faring better than most of the EU. The median rate of inflation in the EU was nearly 7% in March.

Inflation is especially prevalent in the transportation industry. The cost of flights is up nearly 10% “due to the war in Ukraine, heating oil and fuels have become significantly more expensive as well,” according to Renkert.

So, it may make sense to stay put in Switzerland, expensive groceries and all.

This article may be freely shared and re-printed, provided that it prominently links back to the original article.

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