In November, apartment rents, petrol and fuel became more expensive. On the other hand, heating fuel, fruits and vegetables and hotel accommodation became cheaper. These opposite price developments mean that price stability continues in November.
As the Federal Statistical Office (FSO) recently announced, the national consumer price index (LIK) stood at 104.6 points in November 2022, unchanged from the previous month. Compared to November 2021, inflation was 3.0 percent.
This put the inflation rate for the month under scrutiny, in line with economists’ forecasts. So the situation didn’t get any worse. In August, compared to the same month last year, inflation reached at least a temporary high of 3.5 percent, thus the highest in almost three decades.
Inflation is relatively low in Switzerland
The harmonized consumer price index (HICP), which is used to compare domestic inflation with European countries, dropped 0.1 percent in November compared to the previous month, giving the annual inflation rate as 2.9 percent. So purchasing power remained similar compared to other European countries.
In an international comparison, Switzerland is still an island. For example, inflation in the eurozone was still 10 percent in November, despite the decline. In the US, it was reported as 7.7 percent in October. (SDA/rae)