Swiss inflation rises to a 29-year high of 3.4%

Swiss inflation touched a 29-year high of 3.4% in June, more than economists had expected, and for the first time in Switzerland inflation exceeded 3% since 2008.

This reading fueled talk that the central bank may tighten its policy again soon after raising its policy rate last month for the first time in 15 years.

Prices rose 0.5% compared to May, as fuel, heating oil and vegetables became more expensive. The core inflation rate, which excludes volatile items such as fuel and food prices, rose by 1.9%.