Swiss inflation rises to 0.8% in August as rents and fuel costs climb

Swiss consumer prices rose 0.4% in August 2026 compared with July, the Federal Statistical Office (FSO) reported on 3 September. Annual inflation reached 0.8%, and the consumer price index stood at 101.5 points (December 2025 = 100).

What pushed prices up

The FSO attributed the monthly rise mainly to higher housing rents, together with higher prices for petrol, diesel and heating oil and for in-patient hospital services. Prices fell for international package holidays, car rentals and car sharing, and supplementary accommodation.

The fuel increases reflect the global jump in oil prices, with Brent crude above $100 a barrel in early September (report).

Still inside the SNB's definition of price stability

The Swiss National Bank equates price stability with consumer price inflation of less than 2% a year, so 0.8% remains within its goal. The SNB announces its next decision on 24 September, with its policy rate at 0% (preview).

That's a very different position from the euro area, where inflation was 3.3% in August and the ECB has just raised rates. The interest rate gap between Switzerland and the euro area is one of the forces acting on EUR/CHF, alongside the franc's role as a safe-haven currency. Live prices: USD/CHF. For how the SNB's target compares with other central banks', see inflation targets.