Inflation drops surprisingly in March
Published: Thursday, Apr 4th 2024, 09:40
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Surprisingly, inflation in Switzerland continued to fall in March. The last time inflation was lower was in September 2021.
Specifically, inflation fell to 1.0% in the month under review from 1.2% in February, as reported by the Federal Statistical Office (FSO) on Thursday. This means that Swiss consumer goods were 1.0% more expensive in March than in the same month last year.
The decline is a surprise. Economists surveyed by AWP had estimated annual inflation of between 1.2 and 1.5 percent.
Inflation had already fallen in January and February. Inflation in Switzerland peaked at 3.5% in the summer of 2022. In June 2023, it then fell below the 2% mark for the first time since January 2022.
Core inflation also declining
Core inflation, which excludes volatile energy and fuel prices, also fell in March. It fell from 1.1 percent to 1.0 percent.
Inflation for domestic goods amounted to 1.8%, slightly below the previous month's figure. In the area of foreign goods, inflation was -1.3% and therefore well below the previous month's figure.
Among the individual product groups, residential rents stand out, having risen by 2.8% year-on-year. Oil products, on the other hand, have become cheaper.
Travel more expensive, cars cheaper
Meanwhile, the national consumer price index (CPI) remained unchanged at 107.1 points in March compared to the previous month. According to the data, the price stability compared to the previous month was the result of opposing developments that balanced each other out overall.
Prices for package tours abroad and air travel rose, as did those for clothing and shoes. Prices for the para-hotel industry and cars, on the other hand, have fallen, as has the rental of private transportation, according to the FSO.
At the current level, inflation in Germany remains moderate, even in comparison with other countries. In the eurozone, for example, it stood at 2.4 percent in March.
©Keystone/SDA
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