Switzerland's consumer inflation up 2.9% in May, highest in 14 years

By Ovunc Kutlu

ANKARA (AA) - Switzerland's consumer inflation increased 2.9% in May, marking its steepest rise since September 2008, the country's Federal Statistics Office said Thursday.

While the market estimate was for the figure to come in at 2.6%, annual consumer prices rose 2.5% in April.

On a monthly basis, consumer inflation increased by 0.7% in May, compared to the previous month.

High inflation is due to rising prices for housing rentals, heating oil and food products, the Federal Statistics Office said in a statement.