(AWP) Annual taxation in Switzerland rose again significantly in October. It was + 1.2% after it had been + 0.9% in September, as the Federal Statistical Office announced on Tuesday. The annual inflation of domestic goods was 0.6%, imported goods were 3.2% more expensive than in October 2020.
The price trend has thus picked up again. In summer 2020, annual inflation had fallen to -1.3% due to the corona crisis. In the months that followed, prices gradually rose and since April the value has moved back into positive territory.
Compared to September, consumer prices have also risen slightly. The corresponding national consumer price index (CPI) was 101.6 points, 0.3% above the previous month’s value. According to the FSO, higher energy prices in particular contributed to this development.
Prices for heating oil, for example, rose in October. They have also increased the prices for gas and fuel. In contrast, salads and fruit vegetables have become a bit cheaper.
The annual taxation is in line with the estimates. Economists surveyed by AWP had expected annual inflation in the range of +1.1 to + 1.3%, the monthly change is at the upper end of the estimate range of +0.1 to + 0.3%.
Low in international comparison
The harmonized index of consumer prices (HICP) also increased in the comparison period to 101.71 points. The index can be used to compare local inflation with that in European countries. Compared to the corresponding month of the previous year, this corresponds to a rate of change of + 1.3%, according to the information.
This means that inflation in Switzerland is still significantly lower than in other countries. In the euro area, it stood at 4.1% in October, which was the highest level since mid-2008. In Germany it was 4.5% and thus as high as it was last in October 1993. And in the USA the last value was even higher at 5.4%.
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