Switzerland Consumer Prices Fall for 1st Time Since 2021

Consumer prices in Switzerland rose by 0.3% year-on-year in March 2026, below market forecasts of a 0.5% increase but accelerating from a 0.1% gain in the previous month. The latest figures marked the highest reading since March 2025, mainly driven by higher costs for housing and energy (1.3% vs 0.7% in February), recreation, sport, and culture (1.1% vs 1.2%), and other goods and services (0.8% vs 0.2%). At the same time, prices declined less for clothing and footwear (-0.7% vs -1.2%) and transport (-0.8% vs -1.8%). On the other hand, costs decreased further for food and non-alcoholic beverages (-0.5% vs -0.3%), while inflation softened for restaurants and hotels (0.2% vs 0.9%). Monthly, the CPI went up by 0.2%, less than the expected 0.5% increase and easing from February's 0.6% gain. Annual core inflation, which excludes volatile items such as unprocessed food and energy, stood at 0.4%, unchanged from the preceding period.

Consumer prices in Switzerland increased by 0.1% year-on-year in February 2026, matching the rate in December and January, defying forecasts of a 0.1% fall. Decreases were seen in prices of food and non-alcoholic beverages (-0.3 vs -0.4% in January), health (-0.2% vs -0.1%), transport (-1.8% vs -2%), information and communication (-0.3% vs 0%), household goods and services (-1.3% vs -1.3%), and clothing and footwear (-1.2% vs -0.9%). Inflation also eased for housing and energy (0.7% vs 0.8%), recreation, sport, and culture (1.2% vs 1.6%), and other goods and services (0.2% vs 0.8%). Meanwhile, costs for restaurant and hotels rebounded (0.9% vs -0.4%), while price growth for alcoholic beverages and tobacco picked up (2.5% vs 1.9%). Monthly, the CPI rose by 0.6%, more than the expected 0.5% increase and rebounding from a 0.1% drop in January. Annual core inflation, which excludes volatile items such as unprocessed food and energy, edged down to 0.4% from 0.5% in the previous two months.

Consumer prices in Switzerland rose by 0.1% year-on-year in January 2026, in line with market expectations and unchanged from December. Prices continued to decline for food and non-alcoholic beverages (-0.4% vs -0.8% in December), clothing and footwear (-0.9% vs -1.6%), transport (-2% vs -1.4%), and household goods and services (-1.3% vs -1.7%). Costs rose at a slower pace for alcoholic beverages and tobacco (1.9% vs 2.3%) and were unchanged for education (2.6%), while information and communication showed no growth (0% vs 0.7%). In contrast, price growth picked up for housing and energy (0.8% vs 0.4%), recreation and culture (1.6% vs 0.7%), and other goods and services (0.8% vs 0.3%). The core inflation rate, which excludes volatile items such as unprocessed food and energy, increased by 0.5%, the same as in December. On a monthly basis, the CPI fell 0.1% after being flat in the prior period.