The Swiss Federal Statistics Office released its consumer inflation data on Wednesday. Switzerland's consumer price index rose 0.3% in March, exceeding expectations for a 0.1% rise, after a 0.3% decline in February.

The rise was driven by higher prices for clothing, petroleum products and package holidays.

On a yearly basis, Switzerland's consumer price index declined to -0.9% in March from -0.8% in February, beating expectations for a drop to -1.0%. It was the lowest level since June 2012.

Prices of domestic goods climbed 0.3% in March, while prices of imported goods fell 4.3%.