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Consumer prices in Switzerland edged down 0.1% year-on-year in May 2025, after remaining flat in the previous month, matching market expectations. This marked the first instance of deflation since March 2021, mainly driven by sharper declines in transport prices (-3.7% vs -2.6% in April), continued falls in food and non-alcoholic beverages (-0.3% vs -0.8%), and healthcare (-0.2% vs -0.3%). Prices also declined for household goods and services (-2.6% vs -2.2%), clothing (-0.3% vs -0.2%), and recreation and culture (-0.1% vs -0.7%). Meanwhile, prices rose more moderately for housing and energy (1.1% vs 1.4%) and for restaurants and hotels (1.3% vs 1.6%), while inflation remained steady for communication (1.0%). Core inflation, which excludes volatile items such as unprocessed food and energy, eased to a 44-month low of 0.5% from 0.6% in April. On a monthly basis, the consumer price index inched up 0.1%, after remaining flat in the previous two months and in line with market forecasts.