The Swiss National Bank (SNB) announced Thursday its decision to increase its policy rate by 50 basis points to 1.50%, countering further rising "inflationary pressure."
According to the statement released by the bank, inflation in the country is clearly above "the range that the SNB equates with price stability," at 3.4%, as per February's figures, SIA refers to foreign media.
The latest increase in inflation is mainly driven by higher prices of electricity, tourist services, and food. Nevertheless, the increase in prices is now widespread.
Switzerland's policy rate is currently at its highest level since 2008.
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