Figures published by Switzerland’s Federal Statistical Office (FSO) on 3 August 2022 show annual inflation running at 3.4% in July, the same rate as June.
Switzerland’s consumer price index (CPI) remained stable in July 2022 compared with the previous month, and 3.4% higher compared with the same month of the previous year, said FSO.
Over the month, falling prices of clothing and footwear, household appliances, oil products and alcoholic drinks were offset by the rising cost of fresh produce and energy in general.
So far Switzerland has been spared the high inflation experienced in nations like the US and the UK. On 4 August 2022, the Bank of England (BOE) announced a forecast of 13% inflation across the UK in 2022. In response the BOE raised the bank interest rate by 0.5% to 1.75%, a rate that is low by historical standards. The average BOE interest rate between 1971 and 2022 is 7.15%.
A rising Swiss franc has helped to keep inflation low in Switzerland. On 4 August 2022, one Swiss franc was worth 1.02 Euros.