by Consumer prices at the end of September 2024 were only 0.8% higher than the were at the end of September 2023, reported Switzerland’s Federal Statistical Office (FSO) this week. This is the lowest annual rate of inflation since July 2021. Photo by Connecting Flights Guide on Pexels.comConsumer Price Inflation (CPI) dropped by 0.3% during the month of September 2024. The recent monthly decline was driven by the falling price of international travel, both in terms of airfares and hotel expenses. In addition, the prices of petrol, diesel and heating oil fell. These declines exceeded rising fruit and berry prices, the main source of inflation. Across 12 months, the price of imported goods, which have benefited from the strength of the Swiss franc, have declined in price by 2.7%. Over
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Consumer prices at the end of September 2024 were only 0.8% higher than the were at the end of September 2023, reported Switzerland’s Federal Statistical Office (FSO) this week. This is the lowest annual rate of inflation since July 2021.
Consumer Price Inflation (CPI) dropped by 0.3% during the month of September 2024. The recent monthly decline was driven by the falling price of international travel, both in terms of airfares and hotel expenses. In addition, the prices of petrol, diesel and heating oil fell. These declines exceeded rising fruit and berry prices, the main source of inflation.
Across 12 months, the price of imported goods, which have benefited from the strength of the Swiss franc, have declined in price by 2.7%. Over the same period, the Swiss franc gained 2.3% against the Euro, the currency used for the largest share of Swiss trade, partly explaining some of the shift. At the same time, the price of locally produced products and services rose by 2.0%, countering price deflation on imports.
Higher prices on the horizon include higher health insurance premiums – these were announced last week, and potentially higher fuel costs as the conflict in the Middle East evolves – crude oil was up around 10% this week.
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