Switzerland’s consumer price inflation increased sharply in 2022, mainly due to a rise in prices of fuels, cars and housing rentals, while price growth slowed in December amid lower energy prices, data from the Federal Statistical Office showed on Wednesday.
Average annual inflation rose to 2.8 percent in 2022 from 0.6 percent in 2021. In 2020, consumer prices fell 0.7 percent.
The latest increase was mainly due to higher prices for petroleum products, gas, cars, and housing rentals, while prices for combined offers for fixed-line and mobile communication and medicines declined.
In 2022, prices for domestic goods rose 1.6 percent and those imported products grew 6.7 percent.
Consumer price inflation eased to 2.8 percent in December from 3.0 percent in November. Economists had expected a rate of 2.9 percent.
Inflation eased from a peak of 3.5 percent in August to the lowest in eight months.
Compared to the previous month, consumer prices declined 0.2 percent in December, after remaining unchanged in the prior month. This was in line with economists’ expectations.
The monthly decline was due to the falling prices for fuels and heating oil, fruiting and vegetables, and medicines, the agency said.
Data also showed that core consumer prices climbed 2.0 percent yearly in December and rose 0.1 percent from a month ago.
The EU measure of the harmonized index of consumer prices, or HICP advanced 2.7 percent annually in December and fell 0.2 percent from the prior month.