On 4 July 2022, Switzerland’s Federal Statistical Office (FSO) published June inflation data, which show prices 3.4% higher than one year ago, well above the Swiss National Bank target of 2.0%.
Switzerland’s consumer price index (CPI) increased by 0.5% in June 2022, less than the 0.7% rise in May 2022. At the end of May 2022, annual inflation was 2.9%. By the end of June 2022 it was 3.4%, the highest since 1993.
Big drivers of rising prices continue to be higher energy prices and shortages of particular foods and raw materials.
The biggest price jumps during June 2022 were private hired transport (+62.7%), brassicas (+40.6%) – cabbage brocoli etc – and melons and grapes (+18.5%).
Over the 12 months to the end of June 2022 the prices of heating oil (+88.0%), private hired transport (+86.8%), air transport (+73.9%), wood pellets (+46.5%) and gas (+43.5%) rose the most.
A rising Swiss Franc has helped to dampen the inflation associated with some imported goods and services. Over the last 12 months the rate has moved from around 1.09 francs to around 0.99 francs per Euro. At the same time the franc has weakened against the USD from around 0.92 to 0.97 francs to the dollar over the same period, pushing up the price of USD imports.