Goods and services became 2.1 percent more expensive in 2023, according to the Swiss Consumer Price Index (CPI) published by the Federal Statistical Office (FSO). That is a relatively high inflation rate by Swiss norms. But compared to the record-breaking inflation in 2022 (2.8 percent), the inflation rate has come down somewhat.
The inflation rate shows the average price increase across all of the goods and services tracked by the CPI, which replicates a representative Swiss budget. The index includes around 1050 goods and services divided into 12 weighted categories.
moneyland.ch analyzed the FSO data more closely and compared the figures from December 2023 with those from December 2022 and December 2018.
Housing, energy, and food are the biggest drivers of inflation
The biggest price increases are seen in the housing and energy category, and the food and non-alcoholic beverage category, with costs increasing by 3.3 percent for both. Goods and services in the healthcare* category, on the other hand, have gotten cheaper.
In recent years, there have been several extraordinary events that have impacted prices, including the Corona pandemic and the Ukraine crisis. For this reason, moneyland.ch also analyzed price developments across the past five years.
The housing and energy category saw the biggest price hikes between December 2018 and December 2023, with prices growing by 10.5 percent during that term. It is followed by the transportation category, with a price increase of 9.2 percent. With inflation of 8.5 percent each, price hikes were also higher than average in the restaurants and hotels category and the household goods and services category. The latter category covers furniture, tools, domestic appliances, and cleaning supplies.
Table 1: Price increases by category
| Category |
Inflation 2023 |
Inflation 2019-2023 |
| Housing and energy |
3.3% |
10.5% |
| Food and non-alcoholic beverages |
3.3% |
4.8% |
| Restaurants and hotels |
2.8% |
8.5% |
| Clothing and footwear |
1.8% |
4.9% |
| Recreation and culture |
1.8% |
2.6% |
| Education |
1.8% |
4.5% |
| Other goods and services |
1.5% |
4.3% |
| Alcoholic beverages and tobacco |
1.0% |
5.7% |
| Communications |
0.7% |
-3.3% |
| Household goods and services |
0.5% |
8.5% |
| Transport |
0.4% |
9.2% |
| Healthcare * |
-0.3% |
-2.6% |
The household goods and services category and the transport category have both seen substantial declines in inflation in 2022. Last year, these two categories still showed the highest price increases. While the inflation rates in these categories exceeded 5 percent in 2022, they were lower than 1 percent in 2023.
“Although there was a decline, the inflation we saw in 2022 continued to burden us in 2023. The bulk of goods and services were more expensive at the end of 2023 than they were two years ago,” observes Ralf Beyeler from moneyland.ch.
Important: The FSO calculates average inflation rates based on entire product categories. “The data is not based on specific goods or services,” clarifies Beyeler.
The biggest price increases
The cost of electricity saw the biggest price increases. There is typically a delay in changes to electricity prices because power companies often buy the rights to electricity far in advance. Some groceries, including brassicas (vegetables in the cabbage family), berries, and olive oil, also became much more expensive in 2023.
Table 2: The 10 goods and services with the biggest price increases in 2023
| Product |
Inflation in 2023 |
| Electricity |
25.5% |
| Brassicas |
23.3% |
| Berries |
14.6% |
| Olive oil |
14.2% |
| Custody accounts for securities |
13.8% |
| Airline tickets |
11.1% |
| Melons and grapes |
11.1% |
Supplementary accommodation
(public accommodations
other than hotels) |
11.0% |
| Other vegetables, kitchen herbs, and mushrooms |
10.5% |
| Noodles |
10.4% |
Table 3: The 10 goods and services with the biggest price increases over the past five years
| Product |
Inflation 2019 - 2023 |
| Gas |
63.2% |
| Wood pellets |
41.8% |
| Airline tickets |
36.2% |
| Electricity |
31.4% |
| Firewood |
31.2% |
| Teleheating |
30.4% |
| Melons and grapes |
26.1% |
| Bicycle servicing |
25.7% |
| Butter |
24.3% |
| Custody accounts for securities |
24.1% |
The costs of energy have risen dramatically over the past five years. Five of the six goods and services that experienced the highest inflation are energy products. Airline tickets have also become much more expensive over the past five years.
“Energy costs take a major toll on the finances of Swiss households,” observes Beyeler.
The biggest price decreases
There are also goods and services that have become cheaper. The table below shows which products are cheaper than they were a year ago.
Table 4: The 10 goods and services with the biggest price decreases in 2023
| Product |
Inflation 2023 |
| Wood pellets |
-22.4% |
Rented personal transportation
(rental cars and car sharing) |
-16.1% |
| Heating oil |
-15.2% |
| Garden furniture |
-9.3% |
| Diesel |
-6.9% |
| IT peripherals and accessories |
-6.6% |
| Personal computers |
-6.3% |
| Kitchen and dining room furniture |
-5.6% |
| Toys |
-5.5% |
| TV sets |
-5.0% |
Wood pellets also held first place in 2022, the difference being that in that year they held first place for the biggest price increases, not decreases. The price of wood pellets fell substantially in 2023 compared to 2022, but is still higher than it was two years ago.
Table 5: The 10 goods and services with the biggest price decreases over the past five years
| Product |
Inflation 2019-2023 |
| TV sets |
-31.9% |
| Personal computers |
-26.2% |
| Fruiting vegetables (like cucumbers, tomatoes, zucchini, and bell peppers) |
-22.8% |
| Domestic package holidays |
-19.2% |
| Paper articles for personal hygiene |
-17.6% |
| Telecom devices |
-16.4% |
| Downloads |
-11.1% |
| Bundled landline and mobile telecom package deals |
-11.1% |
| Medicines |
-11.1% |
| Onions and leeks |
-11.1% |
“That electronic devices like TV sets, computers, and phones have become much cheaper over the last five years hardly comes as a surprise. More surprising is the fact that bell peppers, medicines, and onions are among the products with the biggest price decreases,” says Beyeler.
* The Consumer Price Index does not account for the cost of mandatory health insurance. For that reason, the cost of mandatory health insurance is not included in the healthcare category.
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