The Swiss National Bank remains open to further interest rate hikes despite last month's dip in inflation, Vice Chairman Martin Schlegel said in an interview published on Saturday.
Schlegel repeated the central bank's mantra that increases from the SNB's current 1.75% level could not be ruled out when he spoke with Schweiz am Wochenende.
But in its most recent forecasts, the central bank said it expects price rises to be 2.2% this year and next year before ebbing to 2.1% in 2025. "Despite the recent decline in inflation, underlying inflationary pressures have continued to rise," he said. "There is still a risk of inflation becoming entrenched above 2% in the medium term, i.e. above the range we equate with price stability."
Schlegel said long term demographic factors like a shrinking working age population pointed to higher interest rates in future even after the current bout of inflation was defeated.
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