Neuchâtel Swiss inflation remains at a level that neighboring countries can only dream of: 3.0 percent in November compared to the same month last year, as the Federal Statistical Office announced on Thursday. For a direct comparison with neighboring countries, Switzerland also shows the harmonized index of consumer prices (HICP) that is customary in the euro zone. That was 2.9 percent. In Germany, inflation was 10 percent in November.
In Switzerland, the increase in consumer prices reached its peak of 3.5 percent in August. That was the highest level in almost 30 years.
The low inflation rate in Switzerland is partly due to the fact that prices are generally significantly higher than in neighboring countries. Food prices are also decoupled from developments on the world market through protectionist measures. Domestic food and agricultural production is protected by import tariffs, which are reduced if necessary.
Unlike in Germany, for example, electricity requirements are largely covered by hydroelectric and nuclear power. In the shopping basket, which is used to calculate inflation, energy components such as oil, electricity and gas make up much less than in Germany or the USA. Therefore, a rise in world market prices for oil and gas does not fuel inflation in Switzerland as much.
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