EXPLAINED: How the price of food has soared in Switzerland
Due to inflation and war in Ukraine, the prices of many basic foods and consumer goods have risen by up to 20 percent in Switzerland in comparison to the same period last year.
Almost all foods in Switzerland have seen their prices rise significantly in the past year, according to a study published by Comparis consumer platform on Tuesday.
This consumer price index was compiled in collaboration with the Swiss Economic Institute (KOF) in Zurich, and measures inflation as it impacts consumers in Switzerland.
The positive development is that inflation in Switzerland "rose less in March than in February," according to Dirk Renkert, Comparis' money expert.
In fact, data from the Federal Statistical Office indicated that after reaching 3.4 percent in February, inflation fell to 2.9 percent in March. However, this drop has not had an effect on prices yet.
So which foods are more expensive now?
Margarine and oil now cost 19.9 percent more than a year ago, sugar went up by 17 percent, butter by 12.2 percent, and milk, cheese, and eggs by 8.5 percent.
Additionally, bread, flour, cereals, fruits, and vegetables are now 7 to 9 percent more expensive than they were in 2022.
But that’s not all: prices of other consumer goods have gone up as well, the study shows.
For instance, as anyone who has taken a plane lately knows, air transport has become much more expensive, with tickets recording an increase of 9.8 percent.
Also, "due to the war in Ukraine, heating oil and fuels have become significantly more expensive as well", according to Renkert.
And even though forecasts predict the inflation rate to fall in 2024, there is more bad news on the horizon: "At this time, current data does not yet show a price drop for most product categories," Renkert said.
There is, however, something positive for Swiss consumers: in an international comparison, Switzerland is doing relatively well because its inflation rate is much lower than the EU’s. The eurozone's rate was recorded in March as 6.9 percent — more than double that of Switzerland's.
READ ALSO: Why Switzerland's inflation rate has stayed low compared to elsewhere
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Almost all foods in Switzerland have seen their prices rise significantly in the past year, according to a study published by Comparis consumer platform on Tuesday.
This consumer price index was compiled in collaboration with the Swiss Economic Institute (KOF) in Zurich, and measures inflation as it impacts consumers in Switzerland.
The positive development is that inflation in Switzerland "rose less in March than in February," according to Dirk Renkert, Comparis' money expert.
In fact, data from the Federal Statistical Office indicated that after reaching 3.4 percent in February, inflation fell to 2.9 percent in March. However, this drop has not had an effect on prices yet.
So which foods are more expensive now?
Margarine and oil now cost 19.9 percent more than a year ago, sugar went up by 17 percent, butter by 12.2 percent, and milk, cheese, and eggs by 8.5 percent.
Additionally, bread, flour, cereals, fruits, and vegetables are now 7 to 9 percent more expensive than they were in 2022.
But that’s not all: prices of other consumer goods have gone up as well, the study shows.
For instance, as anyone who has taken a plane lately knows, air transport has become much more expensive, with tickets recording an increase of 9.8 percent.
Also, "due to the war in Ukraine, heating oil and fuels have become significantly more expensive as well", according to Renkert.
And even though forecasts predict the inflation rate to fall in 2024, there is more bad news on the horizon: "At this time, current data does not yet show a price drop for most product categories," Renkert said.
There is, however, something positive for Swiss consumers: in an international comparison, Switzerland is doing relatively well because its inflation rate is much lower than the EU’s. The eurozone's rate was recorded in March as 6.9 percent — more than double that of Switzerland's.
READ ALSO: Why Switzerland's inflation rate has stayed low compared to elsewhere
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