Flatlining Prices: Swiss Inflation Hits 0.0%—A New Challenge for the CHF

The Swiss Federal Statistical Office reported that the country’s inflation rate reached a standstill in November 2025. The Consumer Price Index (CPI) dropped by 0.2% compared to the previous month (MoM), resulting in an annual inflation rate of 0.0% (YoY) compared with November 2024. This flat result, slightly below market expectations, places Switzerland's inflation firmly at the lower bound of the SNB's target range of 0% to 2%.