Switzerland's inflation rate surged to 1.5% in October, up from 1% in September, according to the Federal Statistical Office (FSO). This marked the highest inflation rate since December 2023 and exceeded economists' expectations, which had ranged from 1.1% to 1.4%.
The sharp rise was primarily driven by a 40% increase in the price of petroleum products compared to the same month last year. The National Consumer Price Index (LIK) also rose by 0.2% month-on-month to 101.7 points, influenced by higher prices for heating oil, petrol, and diesel.
Despite the increase, inflation remains within the Swiss National Bank's (SNB) target range of 0% to 2%, ensuring price stability. Core inflation, which excludes energy, fuel, fresh and seasonal produce, stayed unchanged at 0.5% compared to September.
At the start of 2026, inflation had been close to zero, and the annual average for 2025 stood at 0.2%. The recent rise follows a trend of increasing inflation in the preceding months.