A new study shows that the Swiss have to pay 168 francs for a basket of consumer goods costing on average 100 euros in the European Union.
Based on the report of purchasing power parities published last week by the Federal Statistical Office (FSO), Switzerland is the third-most expensive country in Europe in terms of prices.
It is especially pricey when it comes to food, beverages, hotels, restaurants, clothing, and health insurance.
But Iceland and Norway are even more expensive, according to the report.
The basket of products that cost 168 francs in Switzerland are 107 euros in Germany, 109 euros in France. and 111 euros in Austria; at 98 euros, Italy is slightly under the European average.
The lowest price level was recorded in Turkey, followed by North Macedonia and Albania.
On the bright side, prices on certain items, such as furniture and consumer electronics, are lower in Switzerland than the European average, according to the data.
Another new comparison by Eurostat shows Switzerland in the second place in terms of prices, just behind Iceland.
High Swiss prices are attributed to a combination of factors, including an overvalued Swiss franc, as well as high tariffs on food and drink imports, which are designed to favour local farmers over international competitors.
However, other studies have shown that even despite the high cost of living, Switzerland has one of the world’s best purchasing powers thanks to a combination of factors such as high incomes and low taxes.