Swiss National Bank Sees Inflation Rising Mainly Due to Petroleum Products

Swiss National Bank Chairman Martin Schlegel said that record temperatures have had an impact on food prices in Switzerland, but it's not the main driver of overall inflation.

The 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 like the Danube and Rhine making food more expensive.

Schlegel stated that 'the hot summer, especially the dry summer, has had an effect on food prices, you can certainly see that there have been certain price movements.'

He also attributed the rise in inflation to petroleum products, saying that policy measures are being taken to counteract this impact.