SNB Watches Weather Impact on Food Prices
Swiss National Bank Chairman Martin Schlegel says extreme weather has affected food prices but has not driven recent inflation spikes. He notes that current price increases are almost entirely due to petroleum products.
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Switzerland's annual inflation rate doubled in August as record summer temperatures triggered food price movements, though policy measures helped offset the impact. Swiss National Bank Chairman Martin Schlegel noted that the recent inflation spike remains driven almost exclusively by petroleum products. The central bank held its benchmark interest rate at 0% on Thursday.
