🇨🇭Switzerland inflation rate
released 16 Oct 2026 · data through September 2026 · next release expected 31 Oct 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 1.2% as of September 2026. That is within the SNB's definition of price stability (a rise in the Swiss consumer price index of less than 2% a year), and 2.6 points below the eurozone average of 3.8%.
The breakdown shows core (excluding energy and food) at 0.8%, energy at 12.6%, food at 0.0% and services at 1.2%. The strongest pressure is in energy (12.6%), while food is the softest (0.0%).
Month on month the headline rose from 0.9% to 1.2%, extending the climb.
Switzerland ranks number 29 of 30 European economies by annual inflation, from highest to lowest, between Hungary and Sweden.
Harmonised inflation (HICP) is 1.2% as of September 2026 — that is within the SNB's definition of price stability (a rise in the Swiss consumer price index of less than 2% a year).
Inflation by year
Inflation in Switzerland averaged 0.1% in 2025, lower than in 2024 (1.1%).
| Year | Annual average | December, year on year |
|---|---|---|
| 2026 so far | – | 1.2% (September) |
| 2025 | 0.1% | 0.2% |
| 2024 | 1.1% | 0.4% |
| 2023 | 2.3% | 2.0% |
| 2022 | 2.7% | 2.7% |
| 2021 | 0.5% | 1.3% |
| 2020 | −0.8% | −1.0% |
| 2019 | 0.4% | −0.1% |
| 2018 | 0.9% | 0.8% |
| 2017 | 0.6% | 1.1% |
| 2016 | −0.5% | −0.2% |
Annual average: the average HICP index of the year compared with the previous year's average, as Eurostat publishes it (prc_hicp_ainr) — not an average of the monthly rates. December: the year-on-year rate of that month (prc_hicp_minr). The current year shows the latest monthly year-on-year rate.
Compare with the rest of Europe on the European inflation ranking →
Work out what money from the past is worth today: Inflation Calculator Switzerland →
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 1.2% as of September 2026.
- Is Switzerland's inflation within the SNB's definition of price stability?
- At 1.2%, Switzerland's inflation is within the Swiss National Bank's definition of price stability: a rise in the Swiss consumer price index of less than 2% a year.
- How does Switzerland's inflation compare with the rest of Europe?
- Switzerland ranks number 29 of 30 European economies by inflation, 2.6 points below the eurozone average of 3.8%.
- Did Switzerland's inflation rise or fall last month?
- Month on month, the headline rate rose from 0.9% to 1.2% in September 2026.
- What was inflation in Switzerland in 2025?
- Inflation in Switzerland averaged 0.1% in 2025, lower than in 2024 (1.1%). In December 2025, the year-on-year rate was 0.2%.
- What was inflation in Switzerland over the last 10 years?
- Between 2016 and 2025, annual average inflation in Switzerland ranged from −0.8% in 2020 to 2.7% in 2022. The mean of the annual rates over those years was 0.7%.