Switzerland’s record temperatures have pushed up some food prices but have not been a significant driver of rising inflation, Swiss National Bank Chairman Martin Schlegel said. Annual inflation doubled in August to its highest level in nearly two years, prompting concerns that smaller harvests and lower water levels on the Danube and Rhine could raise food and transport costs. The Swiss National Bank (SNB) is monitoring the weather-related impact, but Schlegel said the recent inflation increase was almost exclusively attributable to petroleum products. The SNB kept its benchmark interest rate at 0% on Thursday, supported by its expectation that inflation will ease after a temporary rise and remain within its 0% to 2% target through the end of its forecast period in mid-2029. Schlegel also described the franc’s recent decline as a minor counter-trend following years of appreciation and said the SNB expects crude oil prices to fall, reducing the effect of higher oil prices over time.