Harmonised Index of Consumer Prices (HICP) in Switzerland

This is Switzerland's Harmonised Index of Consumer Prices (HICP), compiled by the Federal Statistical Office using Eurostat's common methodology (COICOP). Its purpose is to make Swiss inflation comparable with the European Union's, not to replace the national CPI (LIK).

Built from the prices of a basket of consumer goods and services, weighted by household spending and following Eurostat's harmonised definitions and classifications. It differs from the national CPI mainly in the treatment of some items, especially owner-occupied housing, which the HICP excludes. It is released as an annual (YoY) change.

It allows Swiss inflation to be compared with the EU's, but Switzerland is not part of the euro area: the Swiss National Bank (SNB) steers monetary policy by the national CPI (LIK), not the HICP. As a result this index serves mainly for analysis and international comparison rather than as a benchmark for rate decisions.

Being harmonised, it does not capture every feature of Swiss consumption; notably it excludes owner-occupied housing, so it can diverge from the national CPI, which is the measure the SNB follows.