FX.co ★ Swiss Consumer Prices Stall in April

In April 2025, Switzerland experienced no change in its year-on-year consumer prices, remaining level after a 0.3% increase in March. This was the most modest reading since deflation in March 2021, largely due to ongoing decreases in the prices of food and non-alcoholic beverages, which dropped by 0.8% compared to a 0.2% decline in March. Significant reductions were also observed in household goods and services, falling by 2.2% from 0.2%, and in transport, decreasing by 2.6% from 2.1%. These drops were counterbalanced by increases in housing and energy costs, holding steady at a 1.4% rise, communication costs ascending to 1% from 0.7%, and a consistent 1.6% increase in the restaurant and hotel sectors. Core inflation, which excludes the more variable items such as unprocessed food and energy, eased to 0.6% from March's 0.9%. On a monthly basis, the consumer price index also remained unchanged, mirroring the previous period and falling short of expectations for a 0.2% increase.