Swiss Inflation Slows to 4-Month Low

Consumer prices in Switzerland rose by 0.4% year-on-year in July 2026, marking the softest increase since March and easing from a 0.5% gain in the previous month. Prices declined mainly for food and non-alcoholic beverages (-1.3% vs -1.2% in June), clothing and footwear (-0.9% vs -0.1%), and household goods and services (-1.7% vs -1.4%). At the same time, price growth moderated for transport (0.8% vs -1.8%), restaurants and hotels (0.5% vs 0.7%), and other goods and services (0.2% vs 0.6%). On the other hand, costs increased for housing and energy (1.4% vs 1.2%), information and communication (0.5% vs 0.3%), and recreation, sport and culture (0.6% vs 0%), while inflation remained steady for education (at 2.6%). On a monthly basis, consumer prices fell by 0.1%, the first decrease in six months, after a flat reading in June. Meanwhile, annual core inflation, which strips out volatile items such as unprocessed food and energy, remained unchanged at 0.3% in July.

Consumer prices in Switzerland rose by 0.5% year-on-year in June 2026, matching market expectations but slowing slightly from 0.6% in the previous month. It marked the lowest reading since March, as price pressures eased across major categories, particularly housing and energy (1.2% vs 1.5% in May) and transport (1.8% vs 2%), while prices for food and non-alcoholic beverages continued to decline by 1.2%. Inflation also moderated for restaurants and hotels (0.7% vs 1%), while costs were flat for recreation, sport, and culture after rising 1.2%. In contrast, prices rebounded for clothing and footwear (0.1% vs -1.2%) and rose at a faster pace for insurance and financial services (2.3% vs 2.1%). On a monthly basis, consumer prices were flat, compared with market expectations of a 0.1% increase and the prior month's 0.2% rise. Meanwhile, annual core inflation, which strips out volatile items such as unprocessed food and energy, remained unchanged at 0.3% in June.

Consumer prices in Switzerland rose by 0.6% year-on-year in May 2026, falling short of market expectations for a 0.8% gain but the same pace as in the previous month. The latest reading remained the fastest rise since December 2024, largely driven by higher costs for housing and energy (at 1.5%) and transport (2% vs 1.2% in April). Prices also increased for education (at 2.6%), restaurant and hotels (1% vs 0.3%), and insurance and financial services (2.1% vs 1.2%). In contrast, costs declined for food and non-alcoholic beverages (-1.2% vs -0.8%), clothing and footwear (-1.2% vs 0.2%), and household goods and services (-1.3% vs -2.2%), while inflation softened for recreation, sport and culture (1.2% vs 2%). Monthly, the CPI went up by 0.2% in May, slightly below forecasts and April’s 0.3% gain. Annual core inflation, which excludes volatile items such as unprocessed food and energy, increased by 0.3%, the same with the prior period’s pace and still the softest rise since July 2021.