Swiss CPI Unexpectedly Flat in November

Consumer prices in Switzerland edged up by 0.1% year-on-year in December 2025, matching market expectations after a flat reading in the previous month. Prices increased further for alcoholic beverages and tobacco (2.3% vs 1.7% in November), communications (0.7% vs 0.4%), and restaurants and hotels (1.1% vs 0.7%). At the same time, costs declined at a slower rate for household goods and services (-1.7% vs -2.6%) and transport (-1.4% vs -1.7%). On the other hand, prices decreased faster for food and non-alcoholic beverages (-0.8% vs -0.4%) and clothing and footwear (-1.6% vs -0.3%), while inflation softened for housing and energy (0.4% vs 0.5%) and recreation and culture (0.7% vs 0.8%). The core inflation rate, which excludes volatile items such as unprocessed food and energy, increased by 0.5% from 0.4% in November. On a monthly basis, consumer prices showed no growth in December, following a 0.2% fall in the preceding period.

Consumer prices in Switzerland were flat year-on-year in November 2025, following a 0.1% increase in October and against market forecasts of a 0.1% rise. Prices continued to fall for food and non-alcoholic beverages (-0.4% vs -0.5% in October), clothing and footwear (-0.3% vs -0.4%), household goods and services (-2.6% vs -1.8%), and transport (-1.7% vs -1.7%). At the same time, inflation eased for restaurants and hotels (0.7% vs 1.3%) and housing & energy (0.5% vs 0.8%), while healthcare prices did not change. By contrast, alcoholic beverages and tobacco prices picked up (1.7% vs 1.2%). The core inflation rate, which excludes volatile items such as unprocessed food and energy, eased for the second month to 0.4%, the lowest since August 2021, from 0.5% in October. On a monthly basis, consumer prices fell by 0.2% in November, after a 0.3% decrease in the prior month, in line with market estimates.

Consumer prices in Switzerland rose by 0.1% year-on-year in October 2025, missing market expectations of a 0.3% increase and slowing from a 0.2% gain in the previous month. This marked the lowest reading since June, mainly driven by lower costs of food and non-alcoholic beverages (-0.5% vs -0.8% in September), clothing and footwear (-0.4% vs -0.1%), household goods and services (-1.8% vs -0.5%), and transport (-1.7% vs -1.5%). Additionally, price growth softened for recreation and culture (0.7% vs 1.9%). On the other hand, inflation increased further for alcoholic beverages and tobacco (1.2% vs 0.8%), while it remained steady for education (at 2.6%) and restaurants and hotels (at 1.3%). Core inflation, which excludes volatile items such as unprocessed food and energy, eased to 0.5% from 0.7%. On a monthly basis, consumer prices fell by 0.3%, deeper from market forecasts of a 0.1% decline and September’s 0.2% decrease.