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 CHF 100 this year will cost approximately CHF 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: 13/01/2026.