FX.co ★ Swiss Inflation Hits 2-Year High

Consumer prices in Switzerland rose by 1.0% year-on-year in September 2026, the fastest increase since September 2024, up from 0.8% in August and in line with market expectations. The acceleration was driven mainly by higher prices in 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%). Prices also rebounded for other goods and services (0.3% vs -0.4%).

At the same time, deflation eased in food and non-alcoholic beverages (-1.0% vs -1.1%) and in clothing and footwear (-1.9% vs -2.3%). By contrast, price growth slowed for alcoholic beverages and tobacco (1.7% vs 1.9%), while prices declined in household goods and services (-0.3% vs 0.1%) and in recreation, sport and culture (-0.1% vs 0.6%).

On a monthly basis, consumer prices were unchanged in September, following a 0.4% increase in August. Meanwhile, annual core inflation, which excludes volatile components such as unprocessed food and energy, edged up to 0.5% from 0.4%.