Do., Jan. 25th 2024
Swiss inflation experiences a rise in December, with “perceived inflation” surpassing official figures. The Comparis index highlights a 1.9% increase, outpacing the CPI’s 1.7%.
Swiss inflation, particularly for daily necessities, marked another increase in December 2024. This rise highlights a trend where “perceived inflation” in Switzerland consistently outstrips the official inflation rates.
The Comparis consumer price index, released on Thursday, revealed a 1.9% uptick in the prices of everyday items compared to December last year. This increase is a noticeable jump from the 1.6% rise recorded in November.
The Comparis-derived figure for regularly purchased goods stands slightly higher than the official national consumer price index (CPI), as the Federal Statistical Office (FSO) reported. The official CPI registered at 1.7% in December, slightly increasing from November’s 1.4%.
When comparing month-over-month changes, goods in the Comparis basket showed a 0.1% price increase from November 2023, while the CPI remained unchanged during the same period. Interestingly, the cost of everyday goods had decreased by 0.8% in the previous month, in contrast to a 0.2% decline in the CPI.
A notable price surge was observed in vacation apartments, primarily attributed to the strong Swiss franc. Imported items like fuel and heating oil became more affordable, but vacation home prices soared, increasing over 22% month-on-month. Comparis attributes this sharp rise to high demand amidst limited supply.
Other significant price increases included airfares and services related to private transportation, rising by 5.3%. Prices for jams, bee honey, margarine, and other cooking fats and oils also saw notable increases of 4.7% and 3.9%, respectively.
The Comparis Consumer Price Index, developed in partnership with the KOF Swiss Economic Institute at ETH Zurich, aims to represent perceived inflation by adjusting the National CPI data, excluding rents and durable goods like cars and furniture. The National CPI calculates price changes using a representative basket of approximately 1050 goods and services.
In summary, the Swiss inflation rate in 2024 continues to challenge consumers, with everyday goods becoming increasingly expensive. This trend is reflected in the rising perceived inflation, as the Comparis index indicates.
©Keystone/SDA
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