(Bloomberg) -- Inflation in Switzerland accelerated in August as energy costs in the Alpine nation surged due to Russia's continued war with Ukraine.
Swiss prices increased by 3.5% in August, above July's reading of 3.4% -- already the highest in three decades -- and well above the Swiss National Bank's 2% inflation target. Based on a European Union-harmonized measure, it was at 3.3%, compared with 9.1% in the surrounding euro area.
Last week, Swiss National Bank President Thomas Jordan warned that price pressures have become more broad based and higher inflation may persist for years to come. The central bank is set to consider another increase in interest rates at its Sept. 22 policy meeting. Policy makers already hiked by a half point in June -- persuaded in part by high inflation.
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