Inflation in Switzerland has been low over the past 20 years, both from an international and a historical perspective. One hypothesis is that this is due to the high share of 'administered' - or regulated - prices in the Swiss consumer price basket. We show that this hypothesis is not supported by the data. Inflation for products with administered prices was typically lower than inflation for other products and thus tended to dampen inflation overall. However, the effect was limited. Swiss inflation and the Swiss inflation gap with the euro area were determined mainly by the evolution of non-administered prices.