Switzerland’s annual consumer inflation accelerated to 1.5% in October 2026, up from 1.0% in September, surpassing market expectations of 1.3% and marking the highest rate since December 2023. The uptick was driven chiefly by higher prices in transport (5.3% vs 3.6% in September) and in housing and energy (2.5% vs 2.2%). Inflation also strengthened in information and communication (2.9% vs 1.9%), while prices in recreation, sport and culture returned to growth (1.0% vs -0.1%).
At the same time, deflation moderated in food and non-alcoholic beverages (-0.2% vs -1.0%) and in clothing and footwear (-0.2% vs -1.9%). By contrast, price growth slowed in alcoholic beverages and tobacco (1.0% vs 1.7%), and healthcare costs declined further (-0.3% vs -0.1%).
On a monthly basis, consumer prices rose 0.2%, in line with forecasts, after remaining unchanged in September. The monthly increase was mainly supported by higher prices for heating oil, petrol, diesel and footwear. Meanwhile, annual core inflation held steady at 0.5%.
