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Swiss inflation rises due to air fares, rents and petrol

Shopping on Bahnhofstrasse
Prices rose last month due to air transport, package holidays, rents and petrol, the Federal Statistical Office said. © Keystone / Gaetan Bally

Consumer prices increased 3.4% in February from a year earlier, the Federal Statistical Office reported on Monday. This raises the possibility that the Swiss National Bank will raise interest rates this month.

Consumer prices were up from 3.3% in January and well above the Swiss National Bank (SNB) target range for price stability, defined as between 0-2%.

Prices rose 0.7% month-on-month due to various factors, the FSO said.

“These include rising prices for air transport, package holidays and supplementary accommodation. Housing rentals also recorded a price increase, as did petrol,” it said.

+ How Switzerland is dealing with rising prices

The central bank is due to announce its policy decision on March 23, with the market seeing a 91% probability of a 50 basis point increase from the current level of 1%, especially following recent weakening of the Swiss franc, which has helped limit price rises from costlier imports.

+ The positives and negatives of Swiss interest rates

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