Vice Chairman of the Swiss National Bank, Martin Schlegel, said on Wednesday that the country's annual inflation rate is still too high despite being low on an international level. Schlegel argued that inflation is above the levels the SNB associates with price stability and that he couldn't rule out further interest rate hikes to bring it under control.
Swiss inflation hovered above 3% over the past three quarters, with the last month's data estimating it at 2.9%. The SNB hiked rates by 50 basis points to 1.5% in March, bringing them to the highest levels since the 2008 financial crisis. The next SNB rate decision is scheduled for June 22.
