The Federal Statistical Office (FSO) reported on Tuesday the Swiss Consumer Price Index (CPI) was flat m-o-m in August at 102.1 points (December 2015 = 100).

Economists had expected the CPI would edge down 0.1 percent m-o-m, following a 0.5 percent m-o-m drop in July.

In y-o-y terms, the CPI rose 0.3 percent in August, the same pace as in the previous month. That matched economists’ forecast.

According to the report, airfares (-10.7 percent m-o-m) as well as prices for international package holidays (-1.6 percent m-o-m) and in-patient hospital services (-1.0 percent m-o-m) declined. In contrast, prices for clothing and footwear (+0.3 percent m-o-m), and housing rental (+0.3 percent m-o-m) increased.

The Swiss Harmonised Index of Consumer Prices (HICP) stood at 101.94 points (base 2015 = 100). This corresponds to a rate of change of +0.1 percent m-o-m and of +0.5 percent y-o-y.