4-year comparison: Falling healthcare prices depress inflation

Zurich – The Comparis consumer price index in collaboration with the KOF Economic Institute of ETH measures the perceived inflation of consumers. To do this, only the price development of regularly consumed goods such as food, medicine or clothing is considered. The inflation rate is thus adjusted for rent or other durable goods.

According to the Comparis consumer price index, in January 2025 the prices of everyday goods in Switzerland rose by 0.3 percent compared to the same month last year. The national consumer price index (CPI) of the Federal Statistical Office (FSO) rose by 0.4 percent*.

Compared to December 2024, prices in the Swiss Comparis basket of goods rose by 0.2 percent (CPI: minus 0.1 percent*). In the previous month, the costs of everyday goods remained unchanged (CPI: minus 0.1 percent*).

Falling healthcare prices have a dampening effect on inflation
Since January 2021, some products have become significantly more expensive. These include: air travel (plus 59.3 percent*), energy for heating (plus 52.5 percent), electricity (plus 38.2 percent*), margarine, edible fats and oils (plus 27.6 percent*), sugar (plus 26.6 percent*) and fuel (plus 18.0 percent*). For comparison: the Comparis consumer price rose by 7.7 percent during this period, while the CPI rose by 6.8 percent*.

However, not everything has become more expensive in the last 4 years, but in some cases prices have also fallen. A closer look shows that healthcare prices have even fallen by 1.9 percent* since January 2021. The reason was falling prices for medical supplies (minus 17.7 percent*), laboratory analyses (minus 9.9 percent*), medication (minus 9.4 percent*) and glasses and contact lenses (minus 2.2 percent*). But the prices for medical services (plus 0.4 percent*), inpatient hospital services (plus 1.5 percent*) and dental services (plus 3.9 percent*) also rose comparatively moderately. Only hearing aids and other medical aids (plus 8.5 percent*) have become significantly more expensive.

"Healthcare accounts for just under 16 percent of the CPI. The falling prices of goods and services in health care have had a dampening effect on inflation over the last four years. Without them, inflation would have been higher," explains Comparis financial expert Dirk Renkert.

However, this does not explain the annual increase in compulsory health insurance premiums. "The reason: The level of demand depends not only on the prices, but also largely on the quantities demanded," the financial expert continued.

Strongest price increase compared to the same month last year
Anyone who spent money on chocolate last month had to dig much deeper into their wallets than a year ago. The price rose by 10.5 percent*. According to the Comparis analysis, no other good has increased in price more compared to the previous year.

"In addition to increased prices for sugar, milk and cocoa, higher costs for energy, transport, packaging and wages led to an increase in chocolate prices. There is also a risk that increasing droughts and poor growing conditions will lead to reduced growing results and higher prices in the coming years," warns Renkert.

Prices for motor vehicle insurance have also risen, by 6.1 percent*. That is second place in the inflation hit parade. The price increase for fruit and vegetable juices (plus 5.7 percent*) was the third strongest. Margarine, cooking fats and oils and women's shoes follow in fourth and fifth place with plus 5.4 percent* and 5.2 percent* respectively.

Biggest price drops compared to the same month last year
12 months ago, consumers paid more for electricity than in January 2025. According to the Comparis analysis, prices have fallen by 8.7 percent* compared to the same month last year.

"The sharp drop in electricity prices of almost 9 percent leads to a reduction in inflation of just under 0.2 percentage points compared to the same month last year. This will remain the case until the end of December, as electricity prices are only adjusted once a year - always in January," explains Renkert.

The second most significant reduction was in the prices of other printed products, which were 6.4 percent* lower than in January 2024. Prices also fell further for fruit, vegetables, potatoes and mushrooms (minus 5.9 percent*), energy for heating (gas, heating oil, firewood and district heating) (minus 5.0 percent) and non-electrical appliances for personal care (minus 4.6 percent*).


Contact:
Dirk Renkert
financial expert
Telephone: 044 360 53 91
E-mail: media@comparis.ch
comparis.ch/hypoplus

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