UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.62 in December from 1.55 in November. November's figure was revised down from 1.66.

The bank expect the consumption to rise.

"Consumer sentiment will likely start the year strong despite a seasonal increase in the unemployment rate in December. As low interest rates provide little incentive to save, people tend to consume more," the bank said.

The bank noted that low consumer prices were driven by low energy prices in general and crude oil in particular.