On 2 June 2022, Switzerland’s Federal Statistical Office (FSO) published May inflation data, which show prices 2.9% higher than one year ago.
Switzerland’s consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month. Inflation was +2.9% compared with the same month of the previous year. Inflation in Switzerland is currently running at its highest annual rate since 1993.
Big drivers of rising prices are higher energy prices and shortages of particular raw materials.
The prices of petrol (+27%), diesel (+30%), gas (+41%), heating oil (+82%) and kerosene have all risen substantially over the 12 months up till the end of May 2022. This has fed price increases such as the 58% rise in the cost of air travel.
Raw material shortages have led to price rises of particular food items containing wheat, such as pasta (+12%) and bread (+2%). Edible oils are also 6% more costly than one year ago. Across the year house renovation products rose by 7%.
A rising Swiss franc, which has moved from around 1.09 francs to around 1.03 per Euro over the last 12 months, has helped to reduce inflation imported from the rest of the world.
FSO press release (in French) – Take a 5 minute French test now
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