CPI quirk helps explain low Swiss inflation, says SNB’s Tschudin
Central bank official shares her views on monetary policy strategy
Well-anchored expectations and a quirk in the consumer price index (CPI) are behind Switzerland’s persistently low inflation figures, according to a board member at the central bank.
In an interview published on August 22, Petra Tschudin told Swiss outlet Finanz und Wirtschaft that since petroleum products accounted for only 2% of private households’ spending, global energy shocks had not triggered a spike in the CPI. This acted as a natural buffer, shielding the country from imported inflation
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