May CPI data matches prior month but misses expectations, easing pressure on the Swiss National Bank for rate adjustments.
Switzerland’s May consumer price index rose 0.6% year-over-year, unchanged from April but below the 0.8% consensus forecast. Core CPI details were not immediately available, though prior core inflation stood at 0.3% YoY.
Analysts had anticipated a slight uptick in headline inflation, reflecting persistent price pressures. The unchanged print suggests inflationary momentum may be stabilizing, though still below the Swiss National Bank’s target range.
Markets are monitoring the data for clues on the SNB’s next policy move, with recent hikes aimed at curbing inflationary risks. No immediate market reaction was reported.