Inflation in Switzerland stalled in November. The inflation rate had fallen in each of the previous two months. Consumer prices in November were 3.0 percent higher than a year earlier, as the Federal Statistical Office (BFS) announced on Thursday. In August, inflation peaked, at least for now, at 3.5% – the highest level in almost thirty years.
Imported goods continued to be significantly more expensive, costing 6.3% more in the month under review than in the previous year (after 6.9% in October). For household goods, annual inflation was 1.8 percent (1.7 percent).
Compared with the previous month of October, consumer prices were also unchanged, the corresponding national consumer price index (CPI) stagnated at 104.6 points. Price rises and falls would have balanced globally on a monthly basis, the BFS further announced. For example, prices for apartment rents, gas and fuel have increased compared to October. Consumers also had to pay more for domestic and foreign red wines. On the other hand, the prices of heating oil, fruit vegetables and hotel accommodation fell.
The harmonized consumer price index (HICP), which is used to compare inflation with that of European countries, fell 0.1 percent in November from the previous month, resulting in an annual inflation rate of 2.9 per cent. cent. In an international comparison, Switzerland is still an island. In November, for example, inflation in the euro zone was still 10.0%, despite the drop. In the US, it was reported at 7.7 percent in October.