Swiss CPI rose 0.8% YoY in August versus 0.4% in July, exceeding all 16
economists in a Bloomberg survey, the Federal Statistical Office said on
Thursday. This is the highest reading since September 2024 and suggests franc
weakness is beginning to feed through to the real economy. It is the last
inflation print before the SNB’s rate decision later this month; although the
print overshot expectations, it remains broadly consistent with the SNB’s
projected quarterly average inflation — a rebound policymakers will welcome. The
report also indicates the Middle East energy shock has had a relatively muted
impact on Swiss prices compared with larger neighbor effects.
