Unlike in Germany and the euro zone, inflation in Switzerland fell in September. Consumer prices have risen by 3.3 percent compared to the previous year, as reported by the Federal Statistical Office (BFS) on Monday. Inflation was 3.5 percent in August. That was the highest level for Switzerland in almost three decades.
For comparison: In Germany, consumer prices in September increased by 10.0 percent compared to the same month last year. That was the highest rate of inflation in around 70 years.
The Swiss Federal Statistical Office attributed the development, among other things, to the fact that the prices for fuel and heating oil had fallen. Compared to the previous month of August, consumer prices also fell. The index fell 0.2 percent.
Switzerland also specifies a “harmonized index of consumer prices” that is calculated in a slightly different way for better comparability with inflation in European countries. This index also fell by 0.2 percent in September compared to the previous month. This corresponds to an annual increase of 3.2 percent.
One of the reasons things are developing differently in Switzerland is that the price level has always been significantly higher. Protectionist measures have partially decoupled food prices from developments on the world market. In addition, a large part of the energy is produced with hydroelectric and nuclear power. Energy components such as oil, electricity and gas make up only five percent of the Swiss shopping basket, which is used to calculate inflation, significantly less than in Germany.