Bank fee prices in Switzerland increased substantially last month, within a range of products analysed by Comparis published on Thursday. 

Yet, according to Comparis financial expert Dirk Renkert, a reduction would have been predicted due to the rise in interest rates. 

Overall, prices for Swiss everyday items declined by 0.5% in August compared to July, according to the Comparis consumer price index. 

The index shows the price development of goods regularly consumed, Swiss Info reports. 

The costs for private transport services, such as car rentals, registered the largest decline. 

In addition, financial services increased in price by 6.8% in Switzerland last month compared to July.

Furthermore, in comparison to August last year, prices increased by 1.6% in August. There was also a steep rise in official Swiss inflation, measured by the Federal Statistical Office’s national consumer price index. 

As per the report, the highest inflation was experienced by single-person households aged 65 and over, with an inflation rate of 2% compared to the year before. 

In regard to the lowest-income households, consumer prices were up 1.8% in August this year compared to the same month last year. 

Whereas the middle to high-income class was the least affected by annual inflation at 1.5% last month.

The Comparis consumer price index, in conjunction with the KOF economic research centre at ETH, shows apparent inflation by adjusting the data from the national consumer price index (LIK) for rents and durable goods, including cars and furniture. 

The index gauges price modifications based on a representative range of around 1,050 goods and services, the Swiss Info report goes on to add.