Data published by the Federal Statistical Office (FSO) showed that in August consumer prices rose by 1.1% per year after an increase of 1.3% in July. Economists expected an increase of 1.2% per annum. The latest reading was the lowest since March, when inflation rose by 1% per annum.
On a monthly basis, consumer prices remained unchanged after a 0.2% decline in July. Consensus estimates suggested an increase of 0.1%. The FSO reported that the stability of the index was the result of opposing trends that offset one another overall. Prices for housing rentals and for clothing and footwear increased. In contrast, prices for the hire of private means of transport, air transport, heating oil and international package holidays decreased, as well as did those for hotels and supplementary accommodation.
Core inflation - excluding fresh and seasonal products, energy and fuel – grew by 0.1% on a monthly basis and by 1.1% per year.
The data also showed that in August, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries – remained unchanged compared to July and increased by 1% per annum.