Swiss inflation soars to 15-year high

Inflation in Switzerland shot up to 2.9% in the year to May, its highest level since 1993, data published on Tuesday revealed.

The surge in inflation was well above analysts' expectations of a rise of a tenth of a percentage point to 2.4%. Overall, markets still expect the Swiss National Bank's rate-setting board to hold rates when its meets on 19 June. However, an increasing minority believe the central bank will raise its benchmark rate band, now centred around 2.75%.

The central bank said