Swiss inflation in June higher than at any time in 29 years

Switzerland’s consumer price index (CPI) rose by 3.4% in June. This is the highest value in 29 years and the first time since 2008 that the inflation rate in Switzerland has exceeded 3%.

The figure was also above the Swiss National Bank’s (SNB) inflation target of 0-2% for the fifth month in a row, prompting talk of the SNB tightening monetary policy in the near future. The Swiss National Bank raised its key interest rate in June for the first time in 15 years.

David Oxley, Capital Analyst Economics, said the SNB raised its key interest rate in June to -0.25% from -0.75% and that there is a strong likelihood of a rate hike before the next meeting in September.

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