🇨ðŸ‡Switzerland inflation rate
Last updated 1 Jul 2026 · data through May 2026 · next release expected 17 Jul 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 0.9% as of May 2026. That is 1.1 percentage points below the SNB's 2% target, and 1.9 points below the eurozone average of 2.8%.
The breakdown shows core (excluding energy and food) at 0.8%, energy at 6.5%, food at -0.5% and services at 1.4%. The strongest pressure is in energy (6.5%), while food is the softest (-0.5%).
Month on month the headline rose from 0.5% to 0.9%, extending the climb.
Switzerland has the lowest annual inflation rate of the 30 European economies tracked, just behind Sweden.
Switzerland's harmonised inflation is 0.9% as of May 2026 — belowthe European Central Bank's 2% target by 1.1 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 0.9% as of May 2026.
- Is Switzerland's inflation above or below the SNB's 2% target?
- At 0.9%, it is 1.1 percentage points below the Swiss National Bank's 2% target.
- How does Switzerland's inflation compare with the rest of Europe?
- Switzerland ranks number 30 of 30 European economies by inflation, 1.9 points below the eurozone average of 2.8%.
- Did Switzerland's inflation rise or fall last month?
- Month on month, the headline rate rose from 0.5% to 0.9% in May 2026.