Data published by the Federal Statistical Office (FSO) showed that the consumer price index rose 0.7% in February after an increase by 0.2% in January. Economists had expected the CPI to grow by only 0.3%. Meanwhile, in annual terms, consumer price growth accelerated to 2.2% from 1.6% in January, which was higher than economists' forecasts (+1.8%).
The FSO reported that the faster price growth compared to January was associated with an increase in the cost of fuel, heating oil and rental housing. The increase in the CPI was partially offset by a drop in prices for berries and hotel accommodation.
The data also showed that in February, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - grew by 0.6% on a monthly basis and by 1.9% per annum.