Swiss inflation rises to 1.5% in October

Annual inflation reached 1.5% in October, rising from 1.0% in September, the Federal Statistical Office (FSO) announced on Tuesday, November 3. The increase puts the annual rate at its highest level since December 2023. It also marks a sharp change from the start of this year, when inflation was close to zero. Switzerland’s average annual inflation rate for 2025 was 0.2%. The October figure remains within the Swiss National Bank’s definition of price stability, a range of 0% to 2%. That boundary gives the monthly announcement important context: the rate has moved up quickly, while still sitting inside the SNB’s stated range. For households watching prices, the headline number captures a broad annual comparison, while the separate monthly index and price categories show where October’s increase was recorded.

October’s 1.5% reading came in above economists’ forecasts. In an AWP survey, economists expected annual inflation to land between 1.1% and 1.4%. The reported figure exceeded even the upper end of that range. The month-to-month comparison also shows the pace of the recent rise: annual inflation stood at 1.0% in September, before moving up by half a percentage point in October. The FSO said inflation had already risen significantly in the preceding months. At the start of the year it was close to zero, and the annual average for 2025 was just 0.2%. October therefore extends a change visible across the year, while marking the highest annual reading since December 2023. The forecast gap and the recent movement are distinct measures: one compares October with economists’ expectations, while the other tracks the recorded annual rate over time.

Petroleum products cost 40% more than a year earlier, a sharp rise alongside the October inflation increase. The FSO also reported that core inflation remained at 0.5%, unchanged from September. Its core measure leaves out energy, fuel, fresh produce and seasonal produce, so it offers a separate view from the headline rate that includes those categories. The contrast is clear in the published figures: the annual headline rate rose to 1.5%, while core inflation held steady at 0.5%. The petroleum comparison refers to prices in October against the same month a year earlier. It is not the same measure as the monthly change in the overall consumer price index. Together, the figures show that the annual increase was not matched by a rise in the core measure, while petroleum products recorded a substantial year-on-year price increase.

The National Consumer Price Index rose 0.2% in October, reaching 101.7 points. The FSO attributed the monthly increase partly to higher prices for heating oil, petrol and diesel. This monthly movement measures the change from September to October; the 1.5% annual inflation rate compares October prices with those a year earlier. The distinction matters when reading the headline: both measures increased, but they describe different time frames. The SNB considers price stability achieved when inflation is between 0% and 2%, leaving October’s annual rate within that range despite its rise. The figures to watch are therefore the annual rate, the monthly index and the categories that registered increases. In October, the overall index edged higher, petroleum products were markedly more expensive year on year, and core inflation stayed at September’s level.