Consumer prices in Switzerland accelerated by 0.8% year-on-year in August 2026, exceeding market expectations for a 0.5% gain and marking the fastest rise since August 2024. The increase followed a 0.4% rise in July, with the pickup suggesting that the franc’s recent weakening is beginning to feed through to consumer prices. Core inflation, which excludes volatile items such as energy and unprocessed food, also accelerated to 0.4% from 0.3%, marking its first increase this year. On a monthly basis, consumer prices rose 0.1%, reversing a 0.1% decline in July. The data came ahead of the Swiss National Bank’s monetary policy decision later this month, though inflation remains within its 0-2% target range. The SNB has signaled that it could cut rates below zero if necessary, while officials expect the policy rate to remain at zero through 2027.