Latest Statement
⚖️ Neutral
Monetary policy assessment of 24 September 2026
2026-09-24
The Swiss National Bank maintains an accommodative monetary policy stance with the policy rate at 0%, judging current conditions appropriate for price stability. Inflation has risen to 0.8% in August primarily due to energy price increases, but is expected to moderate in 2027 as energy inflation normalizes, with the conditional forecast remaining within the SNB's price stability range throughout the forecast horizon.
- Inflation increased from 0.6% to 0.8% between May and August 2026, driven mainly by higher oil product prices and positive goods inflation for the first time since May 2024
- The SNB maintains its policy rate at 0% and expects inflation to peak in Q4 2026 before declining through 2027, with forecasts of 0.7% (2026), 0.8% (2027), and 0.8% (2028) remaining within the price stability range
- Significant downside risks to the baseline scenario exist, particularly from Middle East geopolitical tensions and trade policy uncertainty, which could substantially elevate energy prices and inflation while constraining growth
- Swiss economic growth remains solid and broad-based despite strong Q2 GDP figures being partially inflated by pharmaceutical sector performance; capacity utilization remains below average with rising unemployment