Consumer price index: price changes in Switzerland
The Comparis consumer price index measures perceived inflation on a monthly basis. It shows that heating is cheaper than a year ago, but more expensive than three years ago.
26.11.2024
iStock/DigitalChef
1. Consumer price index: how have prices changed?
The Comparis consumer price index shows perceived inflation (see info box). Here are the developments in October 2024:
Compared to the previous month:
The prices of everyday goods in Switzerland have fallen by an average of 0.3%.
In the last year:
The prices of everyday goods in Switzerland have increased by an average of 0.1%.
The price of electricity has increased by 17.8%*. According to the Comparis analysis, no other good has become more expensive compared to the previous year.
Prices of energy for heating have fallen by an average of 14.1%.
The prices of fuel have fallen. They were 9.4%* lower than in October 2023.
Within three years:
The prices of energy for heating have risen by an average of 24.0%.
Read the full study results in the Comparis consumer price index for November 2024 (not available in English).
In collaboration with the KOF Swiss Economic Institute at ETH Zurich, the Comparis consumer price index measures the inflation currently felt by consumers on a monthly basis.
The index only covers price trends of regularly consumed goods. The inflation rate is adjusted for inflation-dampening factors such as rents or durable goods. The index explicitly takes into account individual household groups, income classes and linguistic regions.
The data basis consists of the National Consumer Price Index (NCPI) and the Household Budget Survey (HBS).
2. Inflation: prices in Swiss shopping baskets at a glance
Compared to September 2024, prices in Swiss shopping baskets have fallen by 0.3%. Average inflation over the past 12 months stands at 0.1%.
This is how prices for different products have changed:
Note: the chart is interactive.
3. Heating prices have risen significantly in three years
Compared to October 2023, heating prices (gas, heating oil, firewood and district heating) have fallen by 14.1%. However, in the last three years, they have increased by an average of 24.0%.
Gas, firewood and district heating have become substantially more expensive. Heating oil prices, on the other hand, have actually fallen slightly. Our interactive chart shows how energy prices for heating have changed over time:
As the cold season begins, focus has returned to the costs of heating. A conscious use of energy, such as avoiding room temperatures of over 22 degrees, is all the more important given the still high costs.
4. Who is most affected by inflation in Switzerland?
The perceived inflation presents a different picture depending on the classification of the respondents.
Distinction by household type
Single-person households aged 65 and over experienced the highest inflation in the last 12 months. They currently feel an inflation rate of 0.4% compared to the previous year.
Distinction by income
Compared to the previous year, life has become most expensive for the lowest income class. The consumer price index has risen by 0.3% for people in this category.
Distinction by linguistic region
With an increase of 0.2%, German-speaking Switzerland and Romansh-speaking Switzerland recorded the highest inflation compared to the previous year.
5. The NCPI and the Comparis consumer price index at a glance
In recent years, the perceived inflation has been higher than the inflation rate according to the National Consumer Price Index from the Federal Statistical Office (FSO).
Here you can see the index trends in comparison.
*Figures marked with an asterisk (*) have been calculated directly by the Federal Statistical Office (NCPI/FSO) or are based on the figures from the NCPI/FSO.
This article was first published on 30.05.2022
