Consumer prices in Switzerland increased by 0.1% year-on-year in January 2026, matching market expectations and remaining unchanged from December. Price declines deepened or persisted in several categories, including food and non-alcoholic beverages (-0.4% vs -0.8% in December), clothing and footwear (-0.9% vs -1.6%), transport (-2% vs -1.4%), and household goods and services (-1.3% vs -1.7%).
Price gains slowed for alcoholic beverages and tobacco (1.9% vs 2.3%), while education costs held steady at 2.6%, and information and communication prices were flat (0% vs 0.7%).
By contrast, inflation accelerated in housing and energy (0.8% vs 0.4%), recreation and culture (1.6% vs 0.7%), and other goods and services (0.8% vs 0.3%). The core inflation rate, which excludes volatile components such as unprocessed food and energy, rose by 0.5%, unchanged from December. On a monthly basis, the consumer price index edged down 0.1% after being flat in the previous month.
