Inflation continues to rise all over the world, but not in Switzerland. However, life has also become more expensive in Germany: consumer prices in October were still 3.0 percent higher than a year earlier, the Federal Statistics Office (BFS) reported on Thursday. In August, inflation peaked at 3.5 percent, at least for now, and was therefore the highest in almost three decades.
First of all, imported goods are still more expensive and 6.9 percent more expensive in the examined month than a year ago (after +7.8 percent in September). In domestic goods, annual inflation was only 1.7 percent (+1.8% in the previous month).
decline is underestimated
Consumer prices remained unchanged compared to September, with the relevant national consumer price index (CPI) remaining at 104.6 points. According to BFS, price stability resulted from contrasting developments that generally offset each other.
Prices for gas, heating oil and mobile networking, as well as clothing and footwear, rose. In turn, prices for combined offers of fixed and mobile networks, fuel and new cars fell.
The inflation rate for the month under review was slightly lower than economists had predicted. They had only predicted a drop to 3.1 to 3.2 percent.
Inflation island Switzerland
Harmonized consumer prices index (HICP), which is used to compare domestic inflation with European countries, increased by 0.1 percent in October compared to the previous month and determined annual inflation as 2.9 percent.
From an international perspective, Switzerland is therefore an island when it comes to inflation. For example, inflation in the euro area was 10.7 percent in October, the highest level since the introduction of the common currency in 1999. While it was 8.2 percent in September in the USA, inflation there reached its highest level by increasing 9.1 percent in June. For over 40 years. (SDA/koh)