Switzerland’s consumer price inflation experienced a more significant decline than anticipated in August, reaching its lowest point in five months, according to a report by the Federal Statistical Office on Tuesday.The Consumer Price Index (CPI) increased by 1.1 percent year-on-year in August, down from the 1.3 percent rise observed in July. Analysts had predicted a 1.2 percent increase for August.Notably, this marks the lowest inflation rate since March, which recorded a 1.0 percent rise in prices.The primary contributors to the deceleration in inflation were a 0.1 percent decrease in the cost of food and non-alcoholic beverages, combined with a 0.7 percent drop in transport costs.Prices for clothing and footwear also saw a significant reduction, falling by 1.6 percent. Meanwhile, housing and utilities maintained a steady growth rate of 3.8 percent.On a month-to-month basis, consumer prices remained unchanged in August compared to a 0.2 percent decrease in July. Expectations had been for a 0.1 percent increase in August.The material has been provided by InstaForex Company – www.instaforex.com
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