Europe

Swiss inflation to pick up slightly in August 2022

Figures released by the Swiss Federal Statistical Office (FSO) on 2 September 2022 show annual inflation of 3.5% in August, up from 3.4% in July.

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The Swiss Consumer Price Index (CPI) in August 2022 rose slightly compared to the previous month and was up 3.5% compared to the same month last year, the FSO said.

Inflation in Switzerland started in the second half of 2021 and has increased significantly since February 2022. The annual inflation rate for December 2021 was 1.5% for him. By February 2022, it jumped to 2.2%, and has risen consistently since then, to 3.5% by the end of August 2022.

The 0.3% increase from July to August 2022 is due to higher hospital costs, higher benefits costs and higher rents. These price increases are partially offset by lower gasoline and diesel prices, lower rental vehicle prices, and lower lab analysis prices, he reports the FSO.

So far Switzerland has escaped the high inflation experienced by many other countries. This is partly because the appreciation of the Swiss franc has lowered the cost of imported goods and services. On September 2, 2022, 1 Swiss Franc equaled his €1.023. At the end of 2021, the same percentage he is 0.964, 5.8% less.

The Swiss union SGB/USS has called for a 4-5% wage increase this week. At the same time, wage negotiations are likely to heat up this fall as companies digest the impact of high costs, especially energy costs.

There is also the risk that higher wages will put more money into workers’ pockets and spend it on goods and services, leading to even higher inflation.

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https://lenews.ch/2022/09/02/swiss-inflation-up-slightly-in-august-2022/ Swiss inflation to pick up slightly in August 2022

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