ZURICH, November 03 (AJP) - Inflation in Switzerland rose to its highest level in nearly three years in October, as higher global oil prices pushed up the cost of fuel and heating.
Consumer prices rose 1.5 percent from a year earlier, up from 1.0 percent in September, the Federal Statistical Office said Tuesday. The figure was above market expectations.
Swiss prices still remain far more stable than in most advanced economies. Inflation was 3.8 percent in the eurozone and 3.7 percent in the United States in September.
Almost all of the increase came from energy. Prices of oil products were sharply higher than a year earlier, and heating oil, diesel and gasoline prices rose again in October. Global oil prices have climbed for several months amid conflict in the Middle East.
Outside energy, price growth stayed weak. Core inflation, which excludes volatile items such as energy and fresh food, held at 0.5 percent.
A strong Swiss franc has helped keep inflation low. Switzerland is not a member of the European Union and has its own currency, which investors treat as a safe place to hold money in times of crisis. A strong franc makes imported goods cheaper for Swiss consumers.
Inflation has nearly doubled since August, when it stood at 0.8 percent, after hovering near zero at the start of the year.
The Swiss National Bank (SNB) aims to keep inflation between 0 and 2 percent, and October's rate remains within that range. The central bank held its key interest rate at zero in September and said it expected inflation to rise slightly toward the end of the year before easing in 2027 as energy prices fall.
The SNB's next policy decision is due on Dec. 10.
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