05:41 AM EST, 11/03/2026 (MT Newswires) -- Switzerland's annual inflation rate rose more than expected in October 2026 and reached its highest level since December 2023 as the ongoing war in the Middle East keeps energy prices elevated. The Swiss consumer price index climbed 1.5% year over year in October following a 1% rise in September, according to data from the country's Federal Statistical Office published Tuesday. The latest figure came in above the consensus estimate of a 1.3% increase. On a monthly basis, consumer prices edged up 0.2%, compared with the expected and the previous month's zero growth. "The 0.2% increase compared with the previous month is due to several factors including rising prices for heating oil, petrol and diesel. Prices for women's and men's footwear also recorded a price increase, as did outpatient medical services in hospitals," the FSO said. "In contrast, prices for medical services at local surgeries and international package holidays decreased, as did those for hotels." Excluding volatile items such as fresh and seasonal products, energy, and fuel, annual inflation stood at 0.5%, unchanged from September. Month over month, core inflation remained flat with zero growth. In its September monetary policy assessment, the Swiss National Bank (SNBN.SW) maintained its key rate at 0%, while slightly raising its inflation forecasts amid rising energy prices due to the Middle East conflict. "The forecast for the shorter term is higher compared with the last monetary policy assessment. This is due to the higher-than-expected prices for oil products. For the medium term, too, the conditional inflation forecast is slightly higher than in the previous quarter, reflecting, among other things, the weakening of the Swiss franc," the central bank said at the time. "In its baseline scenario, the SNB anticipates that growth in the global economy will be moderate over the coming quarters. Inflation is likely to remain elevated for some time. The baseline scenario remains subject to high uncertainty, above all because of the situation in the Middle East." The SNB's next monetary policy assessment is set for Dec. 10.

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