Swiss National Bank Closely Monitoring Impact of Hot Weather on Food Prices

The Swiss National Bank's Chairman Martin Schlegel says record temperatures have had an impact on food prices in Switzerland, but not behind rising inflation. The country's annual inflation rate doubled to its highest in nearly two years in August.

This has raised concerns about smaller harvests and lower water levels affecting transportation routes, making food more expensive and driving up overall prices. The SNB is closely monitoring the impact of hot weather on food prices.

Schlegel stated that there have been certain price movements due to the hot summer. However, he emphasized that policy measures are being taken to counteract this effect, and the rise in inflation is almost exclusively attributable to petroleum products.