Swiss annual consumer price inflation rose to 1.5 percent in October from 1 percent in September, the Federal Statistical Office said in preliminary data, exceeding market expectations of 1.3 percent.
Fuel costs drive the rise
The increase marked the largest rise in the annual rate since December 2023, though inflation remains below the 1.7 percent level recorded that month. Consumer prices rose 0.2 percent month-on-month in October.
Gasoline prices rose 40 percent year-on-year. The jump reflected tighter crude oil and fuel supply tied to tensions in the Middle East. Core inflation, which excludes energy, fuel and seasonal fresh products, stood at 0.5 percent year-on-year.
Still within target range
The October reading remains inside the Swiss National Bank’s price stability target range of 0 to 2 percent. The SNB currently holds its policy rate at zero.
SNB officials declined to comment on the data. Analysts said pressure on the central bank’s policy stance may increase as a result.
The SNB is scheduled to decide on interest rates and monetary policy at its meeting on 10 December. Separately, US annual inflation stood at 3.7 percent in September, near a 31-day high.
Related: France's inflation accelerates to 3.4% in October · Indonesia's October inflation at 0.22% on red chili prices
Source: Swiss National Bank · Destatis | Data: FRED — St. Louis Fed
