Switzerland Inflation Rate Above Forecasts

Consumer prices in Switzerland rose 0.2% yoy in July 2025, slightly above market expectations of a 0.1% increase, following a 0.1% rise in June, marking the second consecutive month of inflation.

Price increases were recorded in restaurants and hotels (1.6% vs 1.6%), clothing and footwear (0.2% vs 1.0%), housing and energy (1.0% vs 1.1%), communication (1.0% vs 0.9%), and recreation and culture (0.7% vs -0.1%).

Meanwhile, prices fell for food (-0.6% vs 0.0%), transport (-2.4% vs -3.7%), furnishing (-1.3% vs -0.7%), and healthcare (-0.1% vs -0.1%).

Core inflation, which excludes volatile items such as unprocessed food and energy, rose to a four-month high of 0.8% in July, up from 0.6% in June.

Monthly, consumer prices were unchanged in July, missing market expectations of a 0.2% decline and following a 0.2% rise in June.

Higher costs for private transport, hotels, and supplementary accommodation were offset by declines in prices for package holidays abroad and clothing & footwear.