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Oil prices fuel annual inflation

Higher prices for fuel and heating oil have raised the annual inflation rate in Switzerland, according to the Federal Statistics Office.

This content was published on April 6, 2010 - 12:02

Figures released on Tuesday for March show an inflation rate of 1.4 per cent, the highest since November 2008. In February 2010, it stood at 0.9 per cent.

The Statistics Office reported that prices for domestic goods rose 0.8 per cent on the year, while prices for imported goods went up 2.9 per cent.

It added that the monthly inflation rate had risen by 0.1 per cent from February’s figure.

“If you look at the month-on-month situation we have a very muted inflationary path. I’m not saying we have deflation, but if you took out oil prices we would probably be flat,” said Janwillem Acket, chief economist at Julius Bär.

The survey from the Federal Statistics Office stated that the prices of alcoholic beverages, tobacco, leisure and cultural activities, health care and other goods and services were down.

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