On 2 May 2023, Switzerland’s Federal Statistical Office published its annual report on income, poverty and living conditions. In 2021, 448,000 people, 5.2% of the population, refrained from buying goods, services and social activities for financial reasons, something described as material and social deprivation. And Switzerland’s poverty rate was 8.7%. At the same time, the […]
Swiss inflation flat in April
Data published this week by Switzerland’s Federal Statistical Office (FSO) show no monthly inflation in April 2023. No inflation in April shifted annual inflation from 2.9% in March to 2.6% in April 2023 as the monthly rise in prices in April 2022 fell out of the annual calculation to be replaced by zero monthly inflation […]
Swisscom could soon force price increases on existing customers
Switzerland’s strong currency and the widespread influence of the administration on many prices means the country has escaped much of the recent inflation afflicting many nations. But increasingly, inflation is entering the scene. This week, Swisscom announced it plans to change its general terms and conditions to make it possible to increase the price of […]
Theft of electric bikes triples in Switzerland
Electric bike theft has tripled in Switzerland since 2019, reported RTS. Recent police statistics show rising levels of theft across the country with rates rising most sharply in Basel and Geneva, two cities bordering on neighbouring countries. In 2022, 2,000 electric bikes were reported stolen, a figure double the number in 2021. Zurich, Switzerland’s largest […]
Swiss efforts to cut energy consumption deliver mixed results
On 31 August 2022, when an energy shortage loomed, Switzerland’s federal government launched a campaign to cut the nation’s energy consumption. Targets were set to cut gas consumption by 15% and electricity use by 10%. Data published this week showed cuts to gas consumption exceeded the voluntary target set, while cuts to electricity were well […]
Credit Suisse: Swiss parliament rejects 109 billion government backstop
When a bank run started at Credit Suisse in mid-March 2023, a rushed acquisition deal involving UBS, the Swiss National Bank and Swiss federal government was agreed. The deal, which includes CHF 109 billion of federal government guarantees, was agreed by the Federal Council, Switzerland’s executive. This week Switzerland’s parliament rejected the CHF 109 billion federal […]
Price of Swiss train tickets to rise in December
From 10 December 2023, average Swiss train prices are set to rise by an average of 4.3%, reported RTS. However, not everyone will feel the same level of pain. Those travelling on second class AG passes will be particularly hard hit, according to the Alliance Swiss Pass, an organisation that creates travel passes covering different […]
Switzerland to tax electric vehicles from 2024
Vehicles imported into Switzerland are subject to a 4% tax, with the exception of electric vehicles that attract none. This week, the government decided to end the exception from the beginning of next year. The import tax, along with fuel and other taxes, is used to build and maintain roads. Given current federal budget pressures, […]
Covid loan fraud could reach more than 300 million francs
During the Covid pandemic, to reduce the risk of businesses failures, the Swiss government back stopped around CHF 17 billion of Covid loans granted to 138,000 businesses by 125 banks between 26 March and 31 July 2020. There were rules around which businesses qualified for these loans and restrictions on how much they could borrow. […]
Swiss inflation slows slightly in March
Data published this week by Switzerland’s Federal Statistical Office (FSO) showed a small slowdown in annual inflation. The consumer price index (CPI) increased by 0.2% in March 2023 compared with the previous month, and +2.9% compared with the same month of the previous year. This compares to an annual rate of 3.4% at the end […]
