The Swiss consumer price index increased 0.1% after falling 0.3% in August on the back of higher food costs. Meanwhile, the annual rate of inflation continued to hold steady at 2.9%. The data suggests that inflation may have peaked in September, and should ease over the coming months as commodity prices continue to pull back from their record highs. Cooling inflation should allow the SNB to target downside growth risks as economic activity deteriorates throughout Europe, and may give the central bank the needed room to lower the benchmark interest rate from its seven year high in the months ahead.