Economists had on average expected the year-on-year rate to slip to 3.2% from September's 3.3%, off peaks at mid-year that touched a nearly three-decade high.

Core inflation that strips out volatile items like fuel and food prices was steady versus September and rose 1.8% year on year.

The data come a day after Swiss National Bank Chairman Thomas Jordan told the Swiss government the SNB may need more rate hikes to choke off inflation even though it had hiked rates in June and September and let the Swiss franc appreciate in nominal terms.

(Reporting by Michael Shields)