The rise in the cost of oil products, gas, cars and rent were the main factors, the Federal Statistical Office (FSO) said in a statementExternal link on Wednesday. On the other hand, the price of medicine and mobile phone subscriptions fell.
Inflation was 1.6% in January and rose steadily to a peak of 3.5% in August, before falling back slightly. However, it remains significantly lower than in other countries. On Tuesday Switzerland’s main trading partner, Germany, said inflation had climbed to 7.9% for 2022.
The FSO also released the year-on-year figures for December: also an increase of 2.8%. This figure, down from 3% in October and November, is below analysts’ expectations of 2.9%-3.1%.
The consumer price index (CPI) fell by 0.2% in December 2022 compared with the previous month, reaching 104.4 points (December 2020 = 100). This is explained by several factors, including lower prices for fuel and heating oil, the FSO said. Prices for fruit and vegetables also fell, as did those for medicine. However, prices for holiday flat rentals and private transport rose.
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At the age of 30, women from school classes with a 55% share of girls earn $350 more per year than women from classes with a 45% share of girls.
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Economiesuisse expects slow growth and low inflation
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Inflation in Switzerland in 2023 is expected to remain above the central banks target range, according to economiesuisse.
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The economy is weakening and at the same time, inflation is still clearly too high. This poses a dilemma for central banks.
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It will be a while before inflation drops again, according to Nannette Hechler-Fayd’herbe, head of investments at Credit Suisse.
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The price of Swiss household goods rose 3.4% in June compared to the same month last year, led by the surging cost of fuel and heating oil.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.