“Perceived inflation” higher than official inflation rate in October
Published: Thursday, Nov 16th 2023, 06:40
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In October, so-called "perceived inflation" once again exceeded the official inflation rate of the Federal Statistical Office. The prices of everyday goods rose by an average of 2.2% compared to the previous year. The official inflation rate was 1.7 percent in October.
Compared to the previous month of September, perceived prices rose by 0.2 percent, according to the consumer price index published on Thursday by Comparis in collaboration with the KOF Swiss Economic Institute at ETH Zurich. To determine "perceived inflation", the authors of the study look exclusively at regularly consumed goods such as food, medicines and clothing.
Various products became more expensive in the month under review compared to September. According to the statement, prices for other printed products rose the most (+12.5%). However, prices for men's shoes (+5.3%), red wine (+3.5%), clothing accessories (+3.3%) and children's shoes (3.1%) also rose significantly.
Olive oil price rises, mineral water becomes cheaper
Products from the edible fats, cooking oils and margarine segment only became 0.8% more expensive on average compared to the previous month. However, the authors of the study point to olive oil in particular. This cost an average of 3.6 percent more in October than in September. "The major producer countries Spain, Italy and Greece had to accept poor olive harvests this year due to adverse weather conditions", Comparis financial expert Dirk Renkert is quoted as saying in the press release.
In Andalusia, Spain's largest olive oil growing region, there have been massive crop failures for the second year in a row due to a lack of water, drought and heat. As this reduced supply, prices soared. If you compare the average price of olive oil with the prices paid a year ago in October, the increase is almost a quarter.
However, some products also became cheaper. For example, the price of sugar fell by 3.2% compared to September. Materials for home repairs became 2.9% cheaper month-on-month. Prices also fell for mineral water (-2.7%), hotels (-2.3%) and tea (-2.2%).
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