UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.53 in February from 1.45 in January. January's figure was revised down from 1.66.

The increase was driven by higher demand for automobiles, which climbed 1.2% year-on-year in February.

The bank noted that the indicator showed a solid growth in private consumption.

"New car registrations remained high, but retailer sentiment was rather subdued," the bank said.