Swiss Inflation Remains Stable At 1.6%

(RTTNews) - Switzerland's consumer price inflation held steady in August after easing in the previous five months, the Federal Statistical Office reported Friday.

The consumer price index, or CPI, climbed 1.6 percent year-over-year in August, the same pace as in July. Meanwhile, economists had expected inflation to ease to 1.5 percent.

Moreover, inflation remained within the central bank's target range of 0-2 percent.

Overall inflation was largely driven by a 4.1 percent rise in prices for food and non-alcoholic beverages. Costs for housing and energy alone grew by 2.9 percent in August compared to last year.

On the other side, transport costs dropped 2.8 percent, and those for communications fell by 2.6 percent.

On a monthly basis, consumer prices dropped 0.2 percent in July, following a 0.1 percent rise in the previous month. The monthly rise was due to several factors, including rising prices for fuel and heating oil.

Data showed that core inflation slowed to 1.5 percent from 1.7 percent. The monthly outcome was a 0.1 percent rise.