Consumer price inflation in Switzerland has reached its highest level in nearly 15 years driven by higher fuel and oil prices.
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The Federal Statistics Office said the annual inflation rate rose to 2.6 per cent in March, up 0.3 per cent on the previous month.
The costs of imported products went up six per cent over 12 months, while prices for domestic goods were 1.4 per cent higher.
The latest figures highlight the Swiss National Bank’s policy dilemma whether to raise interests rates, reducing pressure on prices but also weakening the growth outlook.
The central bank has warned inflation could spin out of control if oil prices climbed further. Experts say the ongoing credit crisis and global economic slowdown have worsened the outlook for the Swiss economy.
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SNB leaves interest rate unchanged
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It added however that the outlook for the Swiss economy had worsened as the global credit crisis dragged on. “Given the deterioration in the international environment, this slowdown will be somewhat more pronounced than anticipated previously,” the SNB said in a statement after Thursday’s decision. It followed similar announcements last week by the European Central…
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The State Secretariat for Economic Affairs (Seco) said on Monday it now expects growth in 2009 to be 1.5 per cent, slightly lower than its previous forecast of 1.7 per cent. Seco said in a statement that the “international financial crisis represents a considerable and difficult-to-quantify risk to the economy”. However, it maintained its growth…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.