January 27, 2023
The Producer and Import Price Index in Switzerland fell in December 2022 by 0.7% compared with the previous month, reaching 108.5 points (December 2020 = 100). Compared with December 2021, the price level of the whole range of domestic and imported products rose by 3.2%. Average annual inflation in 2022 reached +5.6%. These are the results from the Federal Statistical Office (FSO).
Average annual inflation for 2022 corresponds to the rate of change between the annual average for 2022 and that for 2021. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. In 2022, average annual inflation was +5.6%. This increase was due in particular to higher prices for petroleum products. Petroleum and natural gas also became more expensive, as did basic metals and semi-finished metal products, chemical products and metal products. In contrast, prices fell for pharmaceutical products. While the prices of domestic producers rose by 3.8%, import prices rose by 9.2%. In 2021, average annual inflation was +2.7%, while in 2020 it was –3.0%.
The Producer Price index registered falling prices compared with the previous month, particularly for petroleum products, basic metals and semi-finished metal products. In contrast, builders’ and interiors’ joinery and other food products showed price increases. In particular, petroleum and natural gas as well as petroleum products were responsible for the decline in the Import Price index compared with November 2022. Falling prices were also seen for pharmaceutical preparations, basic iron, steel and green coffee. On the other hand, motor vehicles and motor vehicle parts, computers, non-ferrous metals and products made therefrom, as well as leather and related products became more expensive.
Source: Federal Statistical Office of Switzerland (FSO)
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
