Archyde.com reported that Switzerland’s consumer price index (CPI) rose 3.4 percent in June, the highest in 29 years and more than economists had expected. It was the first time Switzerland’s inflation rate was above 3% since 2008.
The figure also surged above the Swiss Federal Reserve’s (SNB) inflation target of 0-2% for the fifth month in a row. This led to talks about the tendency for the SNB to tighten its monetary policy soon. After the Bank of Switzerland raised its policy interest rate for the first time in 15 years in June.
David Oxley, Capital analyst Economics said the SNB raised its policy rate from -0.75% to -0.25% in June, and there is a big chance it will raise interest rates to positive territory ahead of the next scheduled meeting in June. Sept. After the meeting of the European Central Bank (ECB) on July 21, it is expected that the ECB may raise interest rates.
By InfoQuest News Agency (04 Jul 65)
Tags: Switzerland, inflation