Swiss inflation picked up modestly in April, with headline CPI rising 0.3% month-on-month, driven largely by higher energy and travel-related costs. According to the Federal Statistical Office, increases in petrol, diesel and heating oil prices were key contributors, alongside higher airfares and international package holidays.
The underlying picture remains subdued. Core CPI was flat on the month, while domestic product prices slipped by -0.1% mom, pointing to limited internal price pressures. In contrast, imported product prices jumped 1.5% mom, highlighting that the recent pickup in inflation is being driven primarily by external cost factors rather than domestic demand.
On an annual basis, CPI rose from 0.3% yoy to 0.6% yoy, while core inflation edged lower from 0.4% yoy to 0.3% yoy. Domestic price growth remained unchanged at 0.5% yoy, but imported inflation rebounded sharply from -0.3% yoy to 0.9% yoy.
The data suggest that Switzerland’s inflation remains low overall, with the latest increase largely reflecting rising import costs linked to energy rather than broad-based price pressures.
| Indicator | Previous | Latest |
|---|---|---|
| CPI (YoY) | 0.3% | 0.6% |
| Core CPI (YoY) | 0.4% | 0.3% |
| Domestic Prices (YoY) | 0.5% | 0.5% |
| Imported Prices (YoY) | -0.3% | 0.9% |
