Swiss inflation climbs to 1.5 per cent – the highest since December 2023

Life in Switzerland got more expensive in October. The consumer price index (CPI) rose by 0.2 per cent from September to 101.7 points, the Federal Statistical Office (FSO) announced on 3 November. Compared with October 2025, inflation stands at 1.5 per cent. In September it was 1.0 per cent.

Energy is the driver

The FSO attributes the rise in part to higher prices for heating oil, petrol and diesel. According to Swiss broadcaster SRF, petroleum products cost 40 per cent more than in the same month a year earlier.

Core inflation, which strips out fresh and seasonal products as well as energy and fuel, shows how much energy is shaping the picture: it stands at 0.5 per cent. Domestic goods rose by 0.8 per cent over the year, imported goods by 3.7 per cent.

Higher than expected

At 1.5 per cent, annual inflation was clearly above economists' forecasts of 1.1 to 1.4 per cent, SRF reports. It is the highest level since December 2023.

The rate nevertheless remains within the Swiss National Bank's target range of 0 to 2 per cent.

What it means day to day

Anyone who heats with oil or drives a lot feels the change most directly. Across the wider basket excluding energy, prices are rising far more slowly – as the low core rate shows.