The annual inflation rate in Switzerland eased to 1.1% in August 2024, down from 1.3% in the previous two months and below market expectations of 1.2%. This marked the lowest level since March, as prices declined for food and non-alcoholic beverages (-0.1% vs. 0.1% in July) and transport (-0.7% vs. -0.2%).

Additionally, deflation continued for clothing and footwear (-2.6% vs. -1.8%), household goods and services (-2.7% vs. -1.5%), and healthcare (-0.7% vs. -0.6%). Inflation also slowed for restaurants and hotels (1.6% vs. 1.9%), while it remained unchanged for housing and utilities (3.8%). On a monthly basis, the CPI was flat, compared to forecasts of a 0.1% rise, and following a 0.2% decline in July.

The core rate, which excludes volatile items such as unprocessed food and energy, remained steady at 1.1% year-on-year in August.

Source: Trading Economics