Swiss inflation rose slightly in November
Published: Tuesday, Dec 3rd 2024, 09:50
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Annual inflation in Switzerland rose slightly in November. This is the first increase since April of this year.
Specifically, inflation rose to 0.7 percent in November from 0.6 percent in October, as reported by the Federal Statistical Office (FSO) on Tuesday. This means that Swiss consumer goods were on average 0.7% more expensive in November than in the same month last year. Domestic goods are still significantly more expensive than a year ago (+1.7%), while imported goods (-2.3%) are still clearly cheaper than a year ago.
Inflation remains very low despite the rise. In October, it fell to its lowest level since June 2021. Switzerland also continues to fare much better compared to other countries. In the eurozone, for example, inflation was 2.3% in November, while in the USA it was 2.6% in October. The figures were also in line with estimates. Analysts and economists surveyed by AWP had predicted inflation in the range of 0.6 to 0.8 percent.
Core inflation also rose slightly in November, to 0.9% from 0.8% in October. This figure excludes price changes for food and energy, which are often very volatile. Central banks often focus more on this figure than on the general inflation figure when combating inflation.
Falling prices compared to October
Compared to the previous month of October, however, prices did not rise but fell slightly. The so-called national consumer price index (CPI) fell by 0.1% to 106.9 points. The fact that annual inflation has nevertheless risen is due to the so-called base effect.
According to the FSO, the decline compared to the previous month is due to various factors, including lower prices in the hotel industry and for package tours abroad. Prices for new cars and fruit and vegetables also fell. In contrast, prices for residential rents and air travel rose.
©Keystone/SDA
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