According to the report from the Federal Statistical Office, the consumer price index (CPI) increased by 0.3% in October 2021 compared with the previous month, reaching 101.6 points (December 2020 = 100). Economists had expected a 0.1% increase. Inflation was +1.2% compared with the same month of the previous year. Economists had expected a 1.1% increase.
The 0.3% increase compared with the previous month is due to several factors including rising prices for heating oil. Gas also recorded a price increase, as did fuel. In contrast, prices for salads and fruiting vegetables decreased.
In October 2021, the Swiss Harmonised Index of Consumer Prices (HICP) stood at 101.71 points (base 2015 = 100). This corresponds to a rate of change of +0.4% compared with the previous month and of +1.3% compared with the same month the previous year. The HICP is a supplementary indicator for inflation based on a harmonised method across EU member countries. It enables inflation in Switzerland to be compared with that of European countries.