Heterogeneity in the exchange rate pass-through to consumer prices: the Swiss franc appreciation of 2015

Swiss Journal of Economics and Statistics

Table 2 Aggregate estimates of the exchange rate pass-through to consumer prices

Group	Mean pass-through	Median pass-through	Range of pass-through
Food & Beverages	0.18	0.15	\(-\)0.01 to 0.39
Household products	0.14	0.15	\(-\)0.31 to 0.49
Services	0.15	0.09	0.02 to 0.69
Services excl. tourism	0.09	0.07	0.02 to 0.49
Industrial and other goods	0.29	0.25	\(-\)0.10 to 0.80
All-items (unweighted)	0.18	0.14	\(-\)0.31 to 0.80
All-items index (HICP weights)	0.12

1-year pass-through of the 2015 EUR/CHF shock to Swiss consumer prices implied by the synthetic DID method of Arkhangelsky et al. (2021). Pass-through is computed from the DID coefficients using Eq. 4. Regressions use the HICP consumer price data with pre-treatment from January 2014 to January 2015 and post-treatment from February 2015 to December 2015. Effect is estimated on Swiss prices using 33 European countries as a synthetic-weighted control group. The detailed group-level results are presented in Tables 5, 6, 7, and 8. The unweighted all-items index is a simple average over all categories of goods, and the weighted all-items index is the overall pass-through weighted by HICP weights, as computed by Eurostat (2022)