The Swiss National Bank increased its benchmark interest rate Thursday for the third time this year, taking it to 1%.

Inflation in the country remains well above the Swiss National Bank’s target of 0-2%, but is noticeably below the soaring rates of neighboring European countries. Switzerland’s inflation rate remained steady at 3% last month, having dropped from a three-decade high of 3.5% in August.

The central bank’s 50 basis point hike Thursday came after it unexpectedly raised its policy interest rate for the first time in 15 years in June, taking it from -0.75% to -0.25%. It then entered positive territory with a 75 basis point increase on Sep. 22.

Charlotte de Montpellier, senior economist at ING, noted that the Swiss National Bank’s total increase of 175 basis points in 2022 compares to an expected 250 basis-point increase in the eurozone and a 425 basis-point hike in the U.S.

This is a breaking news story and will be updated shortly.