Swiss inflation rises to 1.0% in September as fuel prices climb and holidays get cheaper
Consumer prices were unchanged on the month, the Federal Statistical Office said, and 1.0% above a year earlier, up from 0.8% in August. Core inflation was 0.5%.
Switzerland's Federal Statistical Office (FSO) reported on 1 October 2026 that the consumer price index was unchanged in September at 101.5 points (December 2025 = 100). Inflation was 1.0% compared with September 2025, up from 0.8% in August.
What happened
The FSO says the stability on the month was the result of contrasting moves that offset one another. Prices for heating oil, petrol and diesel rose. Prices for international package holidays, car rentals and car sharing fell, as did hotels and parahotel accommodation.
- Total CPI: 101.5, 0.0% on the month, +1.0% on the year
- Core inflation (excluding fresh and seasonal products, energy and fuel): 100.6, 0.0% and +0.5%
- Domestic products: 100.8, −0.2% and +0.7%
- Imported products: 103.8, +0.5% and +2.1%
- Goods: +0.4% on the month and +0.9% on the year
- Services: −0.3% and +1.0%
- Food and non-alcoholic beverages: −0.3% and −1.0%
- Petroleum products: +4.8% on the month and +31.2% on the year
The Swiss HICP, the measure harmonised with the EU, stood at 101.37 (2025 = 100), down 0.1% on the month and up 1.2% on the year. Eurostat publishes the figures for other European countries on 16 October.
Where it sits against the SNB's range
The Swiss National Bank defines price stability as inflation below 2%, so 1.0% is comfortably inside it, and core inflation of 0.5% is lower still. The SNB held its policy rate at 0% on 24 September, its third hold in a row this year, repeated that it is willing to be active in the foreign exchange market, and projected average inflation of 0.7% in 2026 (report). The next assessment is in December. August's reading was 0.8% (report).
The contrast with the euro area is stark: its flash estimate for September was 3.8% (report), and the ECB is raising rates. Why the Swiss franc behaves differently explains why a low-inflation, zero-rate economy keeps attracting safe-haven demand. Live prices: USD/CHF.
Sources
Common questions
What was Swiss inflation in September 2026?
The Federal Statistical Office reported 1.0% compared with a year earlier, up from 0.8% in August, with the index unchanged on the month at 101.5.
What was Swiss core inflation in September 2026?
Core inflation, which excludes fresh and seasonal products, energy and fuel, was 0.5% on the year and unchanged on the month.
What is the Swiss National Bank's inflation target?
The SNB equates price stability with annual consumer price inflation of less than 2%. It held its policy rate at 0% on 24 September 2026.
This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money. Read the risk warning. Spotted an error? Tell the editors.
Comments
Log in to join the discussion. Comments follow the community guidelines.
Log in to commentLoading comments…