FX.co ★ Swiss Inflation At 29-Year High

Switzerland's consumer price inflation accelerated unexpectedly in August to its highest level in twenty-nine years, data from the Federal Statistical Office showed on Wednesday.

Consumer prices rose 3.5 percent year-on-year in August, just above the 3.4 percent stable rate of increase in July. Economists had expected inflation to remain steady at 3.4 percent.

Further, this was the strongest inflation rate since August 1993, when prices had risen 3.6 percent.

Prices of food and non-alcoholic beverages grew 2.5 percent annually in August and housing and energy prices gained 4.7 percent.

On a monthly basis, consumer prices went up 0.3 percent in August, after showing no variations in July.

The monthly increase was driven by rising costs for in-patient hospital services, social protection services and housing rentals.