Switzerland's CPI rose 1.5% YoY in October, the highest in nearly three years,
up from 1.0% in September and above economists' forecasts, the Federal
Statistical Office said on Tuesday. The increase, driven by a surge in oil
prices and a weaker franc, was mainly due to higher heating oil, gasoline and
diesel; energy's low weight in the Swiss CPI limits its overall impact. The
print exceeds Swiss National Bank policymakers' Q4 projection of 1.2% but
remains inside the SNB's 0–2% target range. Core inflation excluding energy and
other volatile items held at 0.5%. Officials characterized the pickup as largely
temporary and said medium‑term inflationary pressure had only edged up. The
SNB's policy rate has been at zero for more than a year.
