Inflation also accelerated in Switzerland in August, under the burden of rising energy costs worldwide caused by Russia’s invasion of Ukraine.
In particular, prices in Switzerland rose at an annual rate of 3.5% in August, accelerating from 3.4% in July which was already the highest level in three decades.
Adjusted to the European Union’s measurement method, prices in Switzerland moved to +3.3%, compared to the 9.1% jump shown – as announced yesterday – by the Eurozone.
It is recalled that the Swiss central bank’s target for inflation is 2%.
Last week, central bank president Thomas Jordan warned that price pressures had widened and that high inflation could persist in the coming years.
The Bank is expected to consider raising interest rates again at its meeting on September 22, following a half-point (0.5%) increase in June.