Financial services rose in price by 6.8% in August compared to the previous month in Switzerland. Inflation weakened compared to July, as also shown by the Comparis consumer price index.
Of the products analysed by Comparis, bank fee prices rose the most last month. In view of the increased interest rates, a reduction would have been expected, Comparis financial expert Dirk Renkert was quoted as saying in Thursday’s announcement.
In general, prices for Swiss everyday goods fell by 0.5% in August compared to the previous month, according to the Comparis consumer price index. The index reflects the price development of regularly consumed goods. The costs for private transport services, such as car rentals, fell the most.
Compared to the same month last year, prices increased by 1.6% in August. Official Swiss inflation, measured by the national consumer price index of the Federal Statistical Office, also rose sharply.
According to the report, single-person households aged 65 and over experienced the highest inflation last year. They recently felt an inflation rate of 2% compared to the previous year.
Inflation affects the lowest income bracket most severely. Consumer prices for this class were 1.8% higher in August than in the same month last year. Meanwhile, the middle to high income class was the weakest affected by annual inflation at 1.5% in August.
According to its own information, the Comparis consumer price index in cooperation with the KOF economic research centre at ETH reflects perceived inflation by adjusting the data from the national consumer price index (LIK) for rents and durable goods such as cars and furniture. The LIK measures price changes based on a representative basket of around 1,050 goods and services.