On 1 April 2022, Switzerland’s Federal Statistical Office published March inflation data, which show prices 2.4% higher than one year ago.
Switzerland’s consumer price index (CPI) increased by 0.6% in March 2022 compared with the previous month. Inflation was +2.4% compared with the same month of the previous year.
Swiss prices were driven higher by rising energy costs, which fed through into the cost of heating, transport – air transport in particular, and imported durable goods.
At the same time, the prices of some items fell. Alcoholic beverages, tobacco, healthcare, restaurant prices and hotel prices all fell slightly.
Inflation was driven largely by imported goods. Over the month, the price of imported goods leapt by 2% compared to a 0.1% rise in domestically produced goods. Year-on-year, the prices of imported goods were 5.5% higher, compared to a 1.4% rise in the price of domestically produced goods.
A rising Swiss franc, which has moved from around 1.08 francs to around 1.02 per Euro over the last 6 months, has helped to dampen the degree to which Switzerland has imported inflation from the rest of the world.