Data published by the Federal Statistical Office (FSO) showed that in May consumer prices rose by 1.4% per annum (the highest value since December 2023) after a similar increase in April. Economists also expected an increase of 1.4% per annum.
On a monthly basis, consumer prices increased by 0.3%, as in April and in line with economists' forecasts. The FSO reported that the price increase was caused by several factors including rising prices for housing rentals and for international package holidays. Various fresh vegetables also recorded a price increase, as did petrol. In contrast, prices for heating oil and foreign red wine decreased, as did those for supplementary accommodation.
Core inflation - excluding fresh and seasonal products, energy and fuel - rose by 0.2% on a monthly basis and by 1.2% per year.
The data also showed that in May, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - rose by 0.3% compared to April and by 1.5% per year.