Switzerland Inflation

Inflation rises in May from the prior month

Latest reading: Consumer prices were up 0.7% on a year-on-year basis in May, following a 0.6% increase in the previous month. May's reading was the strongest since December 2024 and in line with the Central Bank’s target of below 2.0%. The result was mild compared to neighbors—EU area inflation clocked over 3% in the same month—thanks to Switzerland’s ingrained low inflation expectations, limited reliance on fossil fuels for energy generation and comparatively limited wage growth. Relative to the prior month's figures, there were higher price pressures for transportation (+2.0% in annual terms vs +1.2% in April) and restaurants and hotels (+1.0% vs +0.3% in April). In contrast, price pressures reduced for food and non-alcoholic beverages in May (-1.2% vs -0.8% in April). Finally, the change in housing and energy prices was the same as in the prior month (+1.5% in May and April). Meanwhile, core consumer prices rose 0.3% in annual terms in May, unchanged from the prior month's reading. Finally, consumer prices increased 0.19% in May in month-on-month terms, following a 0.28% rise in the prior month.

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