consumptionReally felt inflation is much higher
From May to June 2022, the Swiss consumer price index increased by 0.5%. The felt index was 1.4% over the same period, reports the comparis.ch site.
The Comparis consumer price index, compiled in collaboration with the Swiss Federal Institute of Economics (KOF) of ETH Zurich, measures for the first time inflation as it is actually felt by consumers. To do this, only the evolution of the prices of everyday consumer goods is taken into account. The inflation rate is calculated without mitigating factors, such as rents or durable goods.
According to the index calculated by Comparis, daily consumer goods in Switzerland increased by 1.4% in June 2022. This is 2.5 points more than the Swiss consumer price index indicates ( CPI), established at 104.5 points (an increase of 0.5%). Compared to the previous year, prices increased by 5.6% (CPI +3.4%).
Between May and June 2022, it is the prices of “other services for individual transport” which mark the strongest increase, recording an increase of 12%. “Rental car costs have exploded, mainly due to high demand and too limited a vehicle fleet,” observes Michael Kuhn, consumer finance expert at Comparis. Next comes the rise in fuel prices, by 7.3%. Fruits, vegetables, potatoes and mushrooms are also in the top 5 of the products whose price increased the most, with an increase of 4.9%.
Evolution for twenty-two years
Since May 2000, the prices of energy used as a source of heating have increased by 174%. Cigarettes increased by 96%. The cost of financial services jumped 94%. Other tobaccos have risen by 76%, while the price of newspapers and magazines is up by 73.3%. With regard to the evolution since 2000 of the products having experienced the highest inflation between May and June 2022: fuel increased by 64.15%, air transport saw its prices increase by 53.7% and other services for individual transport are now 36.2% more expensive. Package travel increased by 27.3% while, for certain food products (fruits, vegetables, potatoes and mushrooms), the increase was 6.54%.
Decreases have also been recorded since 2000. In the first place we find drugs, which have fallen by 42.7% on average. The prices of storage media and content have fallen by 40%, and small household appliances are much more affordable for consumers (–35.2%). The telecommunications tariff has meanwhile fallen by 29.3%. Finally, electrical appliances for personal care are also more accessible, down 29%.
The prices of everyday consumer goods have been relatively stable. Men’s and children’s clothing is now 0.3% more expensive; women’s dresses meanwhile increased by 6.5%. Bread, flour and cereal products have seen their prices rise by 4.2% since 2000. Hospital services now cost 6% more. The electricity bill in Switzerland is 15.5% higher. Finally, prices for meat and meat products soared by almost 18%.