Pasta up by 13 percent: How food and energy prices in Switzerland are rising
Even though the inflation rate is lower in Switzerland than in the eurozone, costs of some common consumer goods and commodities have risen.
Unlike neighbours France, Germany, Italy, and Austria, where the inflation rate hovers from over 6 to over 9 percent, Switzerland is doing much better on that score: its rate is currently about 3.5 percent.
What does this mean in terms of cost of living?
According to recent data from the Federal Statistical Office (OFS), which looks at which prices have increased the most, energy in general has registered the highest spike of all the consumer goods: 28 percent.
Within that category, fuel oil went up a whooping 86 percent, gas increased by 58 percent, petrol by 28 percent, and wood by 26 percent.
As far as food is concerned, only four items registered a four-digit spike: pasta rose by 13 percent, cooking oil by 11 percent, and butter and coffee by 10 percent each.
Next are fish (9 percent); poultry, milk and yogurt (5 percent); bread and eggs (4 percent); and beef (3 percent).
Among non-foods, the price of toothpaste and other dental hygiene products rose by 12 percent, and clothing and shoes by 4 percent.
There is a bit of good news as well: the price of fresh vegetables dropped by 4.6 percent and that of shoes and clothing by 4 percent, according to FSO.
While energy prices will most likely remain high throughout the winter, the cost of other products depends on the evolution of inflationary trends. And there is no consensus on how that will turn out.
Claude Maurer chief economist at Credit Suisse predicted that Switzerland’s inflation rate will drop to 1.5 percent in 2023, and even as global economy faces inflation-fuelled recession risks, “the situation remains positive for Switzerland”.
Another expert, however, Martin Eichler, chief economist of the economic research institute BAK Economics, said that “the next few months will be difficult” as Europe’s woes are expected to spill over to Switzerland as well.
“In many of Switzerland’s European trading partners, the toxic mix of energy shortages and massive gas and electricity price hikes are already having recessive effects”, Eichler said.