Swiss inflation: rises to 1% after two years in September (cross-border guide)

Context

In brief

• Swiss inflation rose to 1% in September
• In August, the figure was 0.8%
• The hoof went from 0.4% to 0.5%
• The SNB aims for stability between 0% and 2%

Key Facts

September data

Inflation in Switzerland rose again in September to 1%. The FSO released the figure on Thursday; in the previous month, inflation was measured at 0.8%. This is the first time in more than two years that the figure has stood at 1%; inflation had not exceeded that threshold since August 2024.

According to Keystone-ATS, the result is exactly halfway to economists' expectations in a survey by the AWP news agency. Forecasts ranged from 0.7% to 1.2%. In the previous month, inflation had already risen significantly, after a phase in which it had fluctuated between 0.3% and 0.6%. Even with the highest reading in September, it remains in the price stability range.

The components of the increase

The inflation core rose from 0.4% to 0.5%. In the FSO's definition, this is the total increase without the component for fresh and seasonal products, energy and fuel.

The comparison with August therefore concerns both the overall measurement and the base, while the HICP describes the level of the index compared to the previous month. These are separate references in the FSO communication, which should not be treated as alternative values.

The national consumer price index, the HICP, on the other hand, remained unchanged from the previous month at 101.5 points. The FSO links the monthly stability to movements in the opposite direction, which offset each other. The prices of heating oil, petrol and diesel rose. Prices for package travel abroad, car rental and car sharing fell, as did prices in the hotel and non-hotel sectors.

The SNB monitors inflation because it pursues price stability, defined as a change of between 0% and 2%. Since 2024, it has made six successive cuts in the key interest rate; the last one, on 19 June 2025, raised the indicator to 0%, or 0.0%. In the last five quarterly reviews of the economic and monetary situation, the last one last week, the cost of borrowing has remained unchanged.

Operational details

What it means for the cost of living

The change from 0.8% to 1% should not be read as an identical increase in every price. The figure concerns the whole measured by the FSO, while the month produced different variations between the individual components. For those who live or work in Switzerland, the practical question is therefore which items in their balance sheet resemble those that rose or fell in September.

A basket with opposite movements

This distinction avoids two mistakes. The first is to automatically apply 1% to each expenditure. The source does not allow this: it indicates the direction of some items, but does not offer the percentage increase or decrease for each of them. The second is to confuse a national figure with an individual snapshot. The text talks about inflation in Switzerland and does not present a comparison between cantons; a regional ranking cannot be derived from this release.

The base adds another level of reading. Its increase from 0.4% to 0.5% excludes fresh and seasonal products, energy and fuels. Therefore, the reader must know what measurement he is looking at before linking it to his own outputs. The HICP, which stands at 101.5 points compared to the previous month, does not contradict the rise in inflation: the FSO explains that the opposite movements have compensated for each other. The photograph therefore combines a higher inflation rate than the general figure with a monthly stability of the index.

How to use it in your personal budget

A concrete check starts from actual receipts and expenses, not from a uniformly applied average. Items related to fuel or heating and, separately, those related to travel, shared mobility and hospitality can be isolated, while maintaining the direction indicated by the source without inventing amounts. A comparison with busta paga svizzera can help to read the individual balance sheet, but the source does not attribute salary changes to the September figure.

The SNB maintains its stability target between 0% and 2%. This is used to place the figure in the monetary framework indicated by the source; it is not a forecast of a forthcoming decision. For the costo della vita in Svizzera, the useful point is to distinguish the national index from individual expenditures and to use the movements described as a reading map, not as a personalized calculation.

Recommended tools

For an updated estimate, use the net salary calculator and the CHF-EUR exchange comparator.

Key points

A five-step reading procedure

To turn the data into a useful check, it is advisable to follow five steps based on the components indicated by the FSO. The aim is to keep the overall indicator, components, monthly index and SNB decisions separate.

Checklist for the next update

1. Start with the period. Set September and keep the comparison with the previous month. The reference is 1% vs. 0.8%, not an abstract number separate from its date. 2. Read the definition. When you encounter the clog, check that the value excludes fresh and seasonal products, energy and fuels. This way, the change from 0.4% to 0.5% is not confused with the overall figure. 3. Mark the turn. In your prospectus, separate the increases in heating oil, petrol and diesel from the decreases in package travel abroad, car rental, car sharing and the hotel and non-hotel sector. The source does not attribute individual percentages to these categories: do not add them. 4. Check the index. Keep inflation separate from the HICP, which remained at 101.5 points compared to the previous month. The FSO explains that monthly stability arises from the compensation of opposing movements. 5. Close with the monetary framework. For the SNB, stability corresponds to a change of between 0% and 2%. It records that since 2024 there have been six consecutive cuts in the key rate, the last on 19 June 2025, and that the cost of borrowing has remained unchanged in the last five quarterly reviews. This is the perimeter of the source, not a forecast.

After the checklist, the reader can compare his expenses with only the categories actually indicated, keeping the national measure distinct from his personal situation. If the data is used to discuss the family or professional budget, it is always advisable to report the period, indicator and item of expenditure: without these three elements, the 1% risks becoming a generic reference.

The same caution applies to the interpretation of monetary policy. The six cuts and the value of the indicator do not allow a new decision to be inferred, because the source only reports that the cost of money has been left unchanged in the last five reviews. To learn more about the relationship between disposable income and inflation, use the calcolatore stipendio.

Source: swissinfo.ch