Swiss Inflation Hits 2-Year High

Consumer prices in Switzerland rose 1.0% year-on-year in September 2026, the fastest increase since September 2024, from 0.8% in the previous month and in line with market expectations. Prices accelerated mainly for transport (3.6% vs 2.7% in August), information and communication (1.9% vs 0.9%), housing and energy (2.2% vs 2.0%), and restaurants and hotels (0.8% vs 0.5%), while prices rebounded for other goods and services (0.3% vs -0.4%). Additionally, deflation eased in food and non-alcoholic beverages (-1.0% vs -1.1%) and clothing and footwear (-1.9% vs -2.3%). In contrast, price growth slowed in alcoholic beverages and tobacco (1.7% vs 1.9%), while prices declined in household goods and services (-0.3% vs 0.1%) and recreation, sport and culture (-0.1% vs 0.6%). On a monthly basis, consumer prices were unchanged, following a 0.4% gain in August. Meanwhile, annual core inflation, which excludes volatile items such as unprocessed food and energy, edged up to 0.5% from 0.4%.

Consumer prices in Switzerland jumped by 0.8% year-on-year in August 2026, exceeding market expectations for a 0.5% gain and marking the fastest rise since August 2024. The increase followed a 0.4% rise in July, with the pickup partly reflecting higher petroleum costs and the weaker franc, which is pushing up prices for imported goods. Core inflation, which excludes volatile items such as energy and unprocessed food, also accelerated to 0.4% from 0.3%, marking its first increase this year. On a monthly basis, consumer prices rose 0.1%, reversing a 0.1% decline in July. The pickup was broad-based, with higher costs for petroleum products partly offset by lower prices for clothing and footwear. The data came ahead of the Swiss National Bank’s policy decision later this month, with inflation still within its 0-2% target range despite the acceleration. The SNB has signaled it could cut rates below zero if necessary, while officials expect the policy rate to remain at zero through 2027.

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.