Inflation in Switzerland Rises Sharply in December

Inflation in Switzerland Rises Sharply in December

Mon, Jan 8th 2024

Inflation in Switzerland experienced a significant uptick, marking a notable shift in the country’s economic landscape.

Inflation in Switzerland

Inflation Switzerland: A December Overview The Swiss National Bank (SNB) targets an inflation range of 0 to 2 percent, and the latest figures show a rise to 1.7 percent from November’s 1.4 percent.

This increase indicates that Swiss consumer goods were 1.7 percent more expensive compared to the same month last year.

Economists’ Perspective on Inflation Switzerland 2024 Economists, who had predicted a slightly lower inflation rate between 1.4 and 1.6 percent, are closely monitoring these developments.

The recent rise in inflation is a departure from the previous trend, where inflation had significantly dropped from over 3 percent, falling below the 2 percent mark in June 2023 for the first time since January 2022.

Domestic vs. Imported Goods Inflation remains relatively high for domestic goods, which were 2.3 percent more expensive than a year earlier.

In contrast, imported goods saw a price decrease of 0.2 percent. Core inflation, excluding volatile items like food, energy, and fuel, also saw an increase from 1.3 percent to 1.5 percent.

The CPI remained steady at 106.2 points.

Price Fluctuations in Various Sectors December witnessed contrasting price trends in different sectors. The hotel and parahotel industry, public transport, and air travel saw price increases. Conversely, fuel, heating oil, package tours abroad, and medicines experienced price drops.

Annual Inflation Overview

The average annual inflation in 2023 was 2.1%.

The average in 2022 was 2.8%.

In 2021 average Swiss inflation 0.6%.

This rise was primarily driven by higher prices for electricity, gas, and housing rents, while petroleum products, certain telecommunications products, and medicines saw price reductions.

Comparative Analysis with Germany Inflation in Switzerland remained relatively moderate at 2.1 percent in 2023, compared to Germany’s average of 5.9 percent.


For more insights on Switzerland’s economic trends, read about the rise in inflation in September.

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