🇨🇭Switzerland inflation rate
released 19 Aug 2026 · data through July 2026 · next release expected 31 Aug 2026
Switzerland sits outside the euro area, with its own currency and central bank. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 0.7% as of July 2026. That is 1.3 percentage points below the SNB's 2% target, and 2.3 points below the eurozone average of 3.0%.
The breakdown shows core (excluding energy and food) at 0.7%, energy at 4.6%, food at -0.5% and services at 1.3%. The strongest pressure is in energy (4.6%), while food is the softest (-0.5%).
Month on month the headline held from 0.7% to 0.7%, unchanged on the month.
Switzerland ranks number 29 of 30 European economies by annual inflation, from highest to lowest, between Czechia and Sweden.
Switzerland's harmonised inflation is 0.7% as of July 2026 — belowthe European Central Bank's 2% target by 1.3 percentage points.
Compare with the rest of Europe on the European inflation ranking →
Frequently asked questions
- What is Switzerland's current inflation rate?
- Switzerland's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 0.7% as of July 2026.
- Is Switzerland's inflation above or below the SNB's 2% target?
- At 0.7%, it is 1.3 percentage points below the Swiss National Bank's 2% target.
- How does Switzerland's inflation compare with the rest of Europe?
- Switzerland ranks number 29 of 30 European economies by inflation, 2.3 points below the eurozone average of 3.0%.
- Did Switzerland's inflation rise or fall last month?
- Month on month, the headline rate held from 0.7% to 0.7% in July 2026.