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Affected by soaring oil prices, Switzerland's inflation rate rises to its highest level in a year
Affected by the rise in oil prices driven by Middle East conflicts, Switzerland’s inflation rate last month reached its highest level since March of last year.
The Swiss Federal Statistical Office announced on Thursday that the Consumer Price Index (CPI) in March increased by 0.3% year-on-year, up from 0.1% in February. This is the first year-on-year inflation increase in four months.
Similar to the neighboring Eurozone, this inflation rebound was mainly driven by rising energy prices caused by the closure of the Strait of Hormuz. Switzerland’s heating oil prices rose by 22% year-on-year and increased by 31% month-on-month; energy and fuel prices rose by 0.5% year-on-year and 4.4% month-on-month.
Although Switzerland has a more diversified energy structure and is better equipped to handle energy shocks compared to other major economies, the rising import oil and gas prices are expected to push inflation higher over the next year. The Swiss National Bank forecast last month that the inflation rate would average 0.5% in both this year and 2027.