“Perceived inflation” below official inflation in October
Published: Tuesday, Nov 26th 2024, 08:20
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Everyday goods hardly rose in price in Switzerland in October. The so-called "perceived inflation" was therefore below the official inflation rate.
According to the Comparis Consumer Price Index published on Tuesday, prices for selected everyday goods in Switzerland rose by just 0.1% in October compared to the same month last year. This means that, on average, they rose less sharply than prices according to the official national consumer price index (CPI) published by the Federal Statistical Office (FSO). This rose by 0.6 percent.
Compared to the previous month of September, prices actually fell by 0.3%. The CPI had only fallen by 0.1% in September.
Sharp rise in electricity prices, heating becomes cheaper
According to Comparis, electricity recorded the strongest price increase in October, rising by 17.8% compared to the same month last year. This was followed by prices for sugar (+10.4%) and postal services (+8.8%). Margarine, cooking fats and oils (+7.9%) and fruit and vegetable juices (+6.3%) also became more expensive.
On the other hand, prices for energy for heating, i.e. gas, heating oil, firewood and district heating, fell by 14.1% year-on-year just in time for the start of the heating season. However, the comparison is somewhat misleading, as prices have risen massively over the past three years since the start of the war in Ukraine, namely by an average of 24%.
Gas, firewood and district heating in particular rose sharply in a three-year comparison, while heating oil costs 0.6% less than three years ago. The development of gas prices in particular (+48.5%) shows the dangers of excessive dependence on individual suppliers.
In addition to heating energy prices, fuel prices also fell - they were 9.4 percent below the previous year's level.
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.
©Keystone/SDA
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