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Swiss Consumer Inflation Lower than Expected

Swiss consumer price inflation picked up in September, driven by higher oil prices, but the price rise was smaller than expected.

Swiss consumer prices rose 0.1% compared with the previous month, taking the annual inflation rate to 0.7% from 0.4% in August, the Federal Statistics Office said.

Economists polled by Reuters had expected a monthly price rise of 0.2% and an annual rate of 0.8%.

The Swiss National Bank raised its benchmark interest rate by 25 basis points to 2.75% in September to fend off inflation stoked by strong economic growth.

But while the SNB expects inflation to pick up significantly over the next two years, the KOF economic research institute said last Friday inflation was not an issue in Switzerland.