Swiss Inflation Rate Doubles Amid Record Temperatures

Swiss National Bank Chairman Martin Schlegel says this year's record temperatures have had an impact on food prices, but not significantly contributed to rising inflation in Switzerland.

The country's annual inflation rate doubled in August to its highest in nearly two years, with concerns about smaller harvests and lower water levels affecting transport routes making food more expensive.

Schlegel stated that the SNB is closely monitoring the impact of hot weather on food prices, but notes that most of the rise in inflation can be attributed to petroleum products.

The SNB held its benchmark interest rate at 0% last Thursday, despite other central banks hiking borrowing costs to tackle rising inflation linked to more expensive fuel.