Swiss inflation rises slightly to +0.1 percent in December

Specifically, annual inflation in December was +0.1 percent after 0.0 percent in the previous month, as reported by the Federal Statistical Office (FSO) on Thursday. The highest monthly figure in the past year was +0.4% in January, while in May inflation was even slightly negative at -0.1%. According to the FSO, the average value for 2025 was +0.2% (previous year +1.1%). This is the lowest figure since 2020.

December inflation was therefore in line with expectations. Experts surveyed by the news agency AWP had previously expected a figure of between 0.0% and +0.2%.

Inflation for domestic goods is still clearly on the rise. Here, consumer prices were 0.5% higher in the month under review compared to the same month last year. At the same time, annual inflation for imported goods remained clearly negative at -1.6%. Core inflation - excluding fresh and seasonal products, energy and fuel - was +0.5% in December (November +0.4%).

Compared to the previous month, the national consumer price index (CPI) was virtually unchanged at 106.9 points (VM 107.0). According to the FSO, this price stability is the result of opposing developments that have offset each other overall. For example, prices for package tours abroad, medicines and various types of vegetables have fallen. On the other hand, rents for private transportation and prices in the hotel and para-hotel industry have risen.