Economics
Swiss Inflation Rate Increases to Three-Decade High of 3.5%
- Consumer prices remain well above the SNB’s 2% target
- SNB to consider interest rate increase at Sept. 22 meeting
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Inflation in Switzerland accelerated in August as energy costs in the Alpine nation surged due to Russia’s continued war with Ukraine.
Swiss prices increased by 3.5% in August, above July’s reading of 3.4% -- already the highest in three decades -- and well above the Swiss National Bank’s 2% inflation target. Based on a European Union-harmonized measure, it was at 3.3%, compared with 9.1% in the surrounding euro area.