Consumer prices in Switzerland increased by 0.6% year-on-year in May 2026, matching April’s pace but coming in below market expectations of a 0.8% rise. Despite the miss, it was still the fastest annual increase since December 2024.
The acceleration was largely driven by higher prices for housing and energy (up 1.5%) and transport (2% vs 1.2% in April). Prices also rose for education (2.6%), restaurants and hotels (1% vs 0.3%), and insurance and financial services (2.1% vs 1.2%).
In contrast, costs fell for food and non-alcoholic beverages (-1.2% vs -0.8%), clothing and footwear (-1.2% vs 0.2%), and household goods and services (-1.3% vs -2.2%). Inflation also eased in the category of recreation, sport and culture, with prices up 1.2% compared with 2% in April.
On a monthly basis, the consumer price index (CPI) edged up 0.2% in May, slightly below both forecasts and the 0.3% increase recorded in April. Annual core inflation, which excludes volatile components such as unprocessed food and energy, rose by 0.3%, unchanged from the previous month and still the weakest rate of increase since July 2021.
