Switzerland’s consumer prices increased by 0.3% year-on-year in March 2026, coming in below market expectations of a 0.5% rise but picking up from the 0.1% gain recorded in February. This was the highest inflation rate since March 2025, largely reflecting 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, price declines moderated for clothing and footwear (-0.7% vs -1.2%) and transport (-0.8% vs -1.8%). In contrast, prices fell further for food and non-alcoholic beverages (-0.5% vs -0.3%), while inflation eased in the restaurants and hotels category (0.2% vs 0.9%). On a monthly basis, the consumer price index rose by 0.2%, undershooting forecasts of a 0.5% increase and slowing from the 0.6% gain in February. Annual core inflation, which excludes volatile components such as unprocessed food and energy, remained steady at 0.4%.