Swiss inflation rises to 1.5% in October, highest since December 2023

Inflation beats forecasts

The Federal Statistical Office (BFS) reported on Tuesday, 3 November 2026, that Swiss annual inflation rose to 1.5% in October from 1.0% in September. Economists polled by the news agency AWP had expected a range of 1.1% to 1.4%, so the outcome landed clearly above it. It is the highest reading since December 2023, and the rate had already been climbing in the months before. At the start of 2026 inflation had still been close to zero, while the 2025 annual average stood at 0.2%.

Energy prices drive the jump

Higher prices for heating oil, petrol and diesel were the main factors behind the rise, according to the BFS. Petroleum products cost 40% more than in the same month a year earlier. Consumer prices also rose 0.2% from the previous month, lifting the national consumer price index (LIK) to 101.7 points. The index tracks a basket of everyday products, and the monthly increase was driven in part by fuel and heating costs. Bloomberg linked the acceleration to a surge in oil costs and a weaker franc, describing the rate as the highest in almost three years. The BFS summed up its explanation in one sentence.

“The increase is attributable to various factors.”

Price movements and the central bank band

Shoes became more expensive, as did outpatient medical services provided in hospitals. Doctors' practice services, package holidays abroad and hotel overnight stays got cheaper. Core inflation, which strips out energy, fuels and fresh or seasonal products, held steady at 0.5% compared with September. The Swiss National Bank (SNB) treats a band of 0% to 2% as price stability. The headline rate of 1.5% therefore remains inside that band even after the jump.

Headline, September 20261%

Headline, October 20261.5%

Core, October 20260.5%

Headline, September 2026

1 %

Headline, October 2026

1.5 %

Core, October 2026

0.5 %

Data from the article text