Lower fuel prices drive inflation down

Lower fuel prices dampened inflation Keystone Archive

Annual inflation in Switzerland fell slightly in January, dropping by 0.2 per cent to 1.3 per cent. Lower prices for heating oil and petrol were the main reasons for the fall.

The Federal Statistical Office said on Friday that the monthly inflation rate in January was 1.6 per cent.

A statement said the slight fall of the consumer price index was caused by price decreases in the transport (-1.6 per cent) and the housing and energy (-1 per cent) sectors.

However, there were increases in the indexes for restaurant and hotels (+1.6 per cent), food and non-alcoholic beverages (+0.9 per cent), communication (+0.8 per cent), health (0.4 per cent), and miscellaneous goods and services (+0.4 per cent).

Prices remained stable in recreation and culture.

The Office noted that the lower oil cost had resulted in a lowering of prices for imported goods of 1.7 per cent in January. However, prices for Swiss products went up by 0.5 per cent.

For the first time in the January inflation figure, the index took into account private health insurance, as well as household and motor vehicle insurances.

swissinfo with agencies