Swiss Consumer Price Index in August 2016: -0.1 percent against 2016, -0.1 percent against last month

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George Dorgan
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Food Inflation

We often look at parts of the CPI. For example food inflation is relevant in emerging markets or poorer people in developed nations. Food inflation in Switzerland has risen by 1.3% YoY compared to 0.2% in the U.S., and 1.4% in the eurozone and 1.1% in neighbour Germany.

Inflation on Rents

Rents are up +0.2% YoY. Existing Swiss rents are bound to interest rates; therefore they cannot  follow the Swiss real estate boom yet.

Other CPI Drivers

Clothes, also relevant for low income households, rose by 3.3% YoY.  But finally cheaper oil and other imported goods depressed the CPI to minus 0.1%. The European HICP is exactly zero compared to last year.

Wage and Services Inflation

Swiss wage inflation is at 0.8%. This is reflected only partially in the biggest part of the economy, in services. Private services went up 0.3%, while public services have fallen by 0.7%. The reason seems to be public transportation that profit on lower oil prices. Other components related to public services are education or recreation. They are up 2% and 1.4%.

Swiss Consumer Price Index in August 2016

Consumer prices fall by 0.1%

Neuchâtel, 06.09.2016 (FSO) – The Swiss Consumer Price Index (CPI) fell by 0.1% in August 2016 compared with the previous month, reaching 100.2 points (December 2015=100). Inflation was -0.1% in comparison with the same month in the previous year. These are the findings from the Federal Statistical Office (FSO).

Switzerland Consumer Price Index (see more posts on Switzerland Consumer Price Index, ) Switzerland Consumer Price Index (CPI) YoY - click to enlarge. - Click to enlarge

Download this press release (pdf, 129 KB)

German Text:

Landesindex der Konsumentenpreise im August 2016

Konsumentenpreise sinken um 0,1 Prozent

Neuchâtel, 06.09.2016 (BFS) – Der Landesindex der Konsumentenpreise (LIK) sank im August 2016 gegenüber dem Vormonat um 0,1 Prozent und erreichte den Stand von 100,2 Punkten (Dezember 2015=100 Punkte). Im Vergleich zum Vorjahresmonat betrug die Teuerung -0,1 Prozent. Dies geht aus den Zahlen des Bundesamts für Statistik (BFS) hervor.
Der Rückgang des LIK um 0,1 Prozent gegenüber dem Vormonat ist hauptsächlich auf tiefere Preise für stationäre Spitalleistungen und Pauschalreisen zurückzuführen. Während für Luftverkehr und Erdölprodukte ebenfalls weniger bezahlt wurde, legten die Preise für Hotelübernachtungen und Bekleidungsartikel zu.