FX.co ★ Swiss Inflation Eases to 4-Month Low

In October 2025, Switzerland's consumer prices experienced a modest year-on-year rise of 0.1%, falling short of market forecasts, which anticipated a 0.3% increase. This was a deceleration from the 0.2% increase recorded in September and the lowest figure since June. The reduction was primarily attributed to declining costs in sectors such as clothing and footwear, which dropped by 0.4%, down from a 0.1% decrease in the prior month. Substantial declines were also observed in household goods and services, which decreased by 1.8% compared to a 0.5% drop in September, and transport, which fell by 1.7%, compared to a 1.5% decrease the previous month. Furthermore, price growth in recreation and culture softened to 0.7% from 1.9%. Conversely, inflation saw an uptick in alcohol and tobacco sectors, rising to 1.2% from 0.8%, while remaining constant in education and in restaurants and hotels at 2.6% and 1.3%, respectively. Core inflation, which excludes the more unpredictable elements like unprocessed food and energy, dipped to 0.5%, down from 0.7%. On a month-to-month basis, consumer prices declined by 0.3%, exceeding the anticipated market forecast of a 0.1% decrease and surpassing the 0.2% reduction recorded in September.