Petrol prices push Swiss inflation to highest level in nearly three years
SPY•Swiss annual inflation rose to 1.5% in October, its highest since December 2023, as petrol prices climbed 40% year over year. The increase exceeded economists’ 1.3% forecast and followed a 1.0% rate in September.
1. Inflation accelerates
Swiss annual inflation rose to 1.5% in October from 1.0% in September, exceeding economists’ 1.3% forecast. It was the highest annual increase since December 2023.
2. Fuel drives increase
Petrol prices were 40% higher than in October 2025, with fuel costs the biggest driver of inflation as the Iran war kept crude and refined-fuel supplies tight. Core inflation was 0.5% year over year, while monthly inflation rose 0.2% after no change in September.
3. SNB decision due
The Swiss National Bank targets inflation of 0% to 2% and has kept its main interest rate at 0%. It is due to announce its next rate decision on December 10 and declined to comment on the inflation figures.
