Federal Statistical Office reported on Thursday the Swiss Consumer Price Index (CPI) rose 0.2 m-o-m in August following a 0.1 percent m-o-m drop in July.

Economists had forecast a 0.1 percent m-o-m uptick. 

According to the report, the August gain in headline index reflects increased prices in such groups as clothing and footwear (+1.8 percent m-o-m), alcoholic beverages and tobacco (+1.8 percent m-o-m), education (+0.7 percent m-o-m), food and non-alcoholic beverages (+0.5 percent m-o-m), restaurants and hotels (+0.4 percent m-o-m), housing and energy (+0.2 percent m-o-m), transport (+0.2 percent m-o-m), which were partially offset by declines in prices for household goods and services (-0.1 percent m-o-m), healthcare (-0.1 percent m-o-m) and recreation and culture (-0.1 percent m-o-m).

In y-o-y terms, Swiss CPI climbed 0.9 percent in August after a 0.7 percent jump in July. Economists had expected an increase of 0.8 percent. This was the highest inflation rate since November 2018.

Meanwhile, core CPI rose 0.2 percent m-o-m and 0.4 percent y-o-y.