Inflation Switzerland 2023
Average inflation: 2.1%
Current Inflation
Inflation is normal at 2.1%, around the ECB target.
Peak and Trough
The highest inflation was in February at 3.4%. The lowest inflation was in November at 1.4%.
- Highest month
- February: 3.4%
- Lowest month
- November: 1.4%
- Difference
- 2.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 4.8%. The lowest price increase was in Communication with an average of -2.0%.
- Highest increase
- Food and non-alcoholic beverages: 4.8%
- Lowest increase
- Communication: -2.0%
Historical Context
Current inflation is 1.1% higher than the 5-year average of 1.0%.
- 5-year average
- 1%
- 10-year average
- 0.5%
- All-time high (2022)
- 2.8%
- All-time low (2015)
- -1.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.7 percentage point.
- Change vs. previous year
- -0.7 percentage points
- Largest monthly swing
- August: -1.9 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 3.3% | +1.7 |
| February | 3.4% | +1.2 |
| March | 2.9% | +0.5 |
| April | 2.6% | +0.1 |
| May | 2.2% | -0.7 |
| June | 1.7% | -1.7 |
| July | 1.6% | -1.8 |
| August | 1.6% | -1.9 |
| September | 1.7% | -1.6 |
| October | 1.7% | -1.3 |
| November | 1.4% | -1.6 |
| December | 1.7% | -1.1 |
| Average | 2.1% |
Data source
Data from OECD. Last updated: 11/01/2026.