Switzerland May Inflation Update

Switzerland's May inflation held steady at 0.6% yoy, slightly missing expectations, while core inflation remained low at 0.3%. Goldman Sachs expects the SNB to maintain its 0% policy rate as currency appreciation helps offset energy price shocks.

Key Takeaways

• 1.Swiss headline inflation remained stable at 0.6% yoy in May, which was slightly below both consensus and Goldman Sachs expectations.
• 2.Core inflation stayed subdued at 0.3% yoy, driven by weakening sequential core pressures despite high energy prices.
• 3.Goldman Sachs maintains its forecast that the Swiss National Bank (SNB) will keep its policy rate at 0% for the foreseeable future.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• Disclosure Appendix
• Global product; distributing entities
• General disclosures