The latest data from the Swiss government has found that the cost of everyday goods in the alpine nation has increased by 0,6 percent in the last month alone. The Federal Statistical Office’s Consumer Price Index found that overall inflation stood at 3,3 percent a year at the end of January 2023, with the energy, food and electronics sectors experiencing the biggest price rises.
The Consumer Price Index (CPI) is a monthly price review of a so-called “basket of everyday goods" that people in Switzerland are likely to pay for, from fuel, rent and clothing to holidays and face cream. The average price of these products is then compared to their cost the month before, and the cost at the same time the previous year.
In January 2023, the CPI found that average prices have risen by 0,6 percent in the last month alone. According to the report, released on February 14, prices in Switzerland have risen by 3,3 percent on average since January 2022, something the government blames on higher prices for electricity and gas, along with increases in the cost of food.
The biggest price increase over the last year, by some margin, was for natural gas, with prices rising by 40,3 percent. This price shock can be blamed on the ongoing war in Ukraine and subsequent efforts by European governments to wean themselves off Russian gas supplies. Air transport (39,8), electricity (25,5) and heating oil (24,1 percent) made up the rest of the top four.
Interestingly, the “basket item” that saw the fifth strongest price rise over the last year was “game consoles and electronic games”, with the industry reporting an 18,7 percent increase in costs - likely explained by a slowdown of supply chains globally and higher worldwide demand for processors.
In all, the 10 products that have seen the strongest price rises (by percentage) between January 2022 and 2023 are:
On the flip side, 2022 also saw a significant decrease in the cost of some goods, with the average price of taxis dropping by 11,1 percent between January 2022 and January 2023. The 10 “basket items” that have seen the smallest price rises - or even saw a fall in price - are:
For more information, check the official press release.