consumer prices fell by 0.1% y/y in May, lowest since March 2021the SNB has a 0-2% target range
Swiss National Bank (SNB) board member Petra Tschudin commented on May inflation data.
SNB won’t be distracted by monthly inflation numbers“We’re focused on the medium term” “this is just one data point”--
markets are pricing a 25bp rate cut around 70%, from 0.25 to zeromarkets are pricing a return to -0.25 around 30%
Negative inflation is being caused largely by the strong Swiss franc, for example the price of imported goods by 2.4%, along with the drop in energy prices.
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