Although Swiss inflation ebbed to 2.2% in May from 2.6% in April, there was still more work to be done to tackle rising prices, Jordan told reporters.
Although modest by international standards, Swiss inflation has remained above the SNB's 0-2% target range since February 2022.
Reuters GraphicsThe latest SNB hike followed an increase by the European Central Bank, which last week raised euro zone borrowing costs to their highest level in 22 years.
Reuters Graphics Reuters GraphicsEven with the Thursday's rate increase, the SNB forecast Swiss inflation would remain above its 0-2% target by 2026.
"Before today's meeting, I thought that this rate hike was going to be the last of the cycle," she said.
Persons:
Thomas Jordan, Jordan, Gero Jung, Charlotte de, John Revill, Noele, Maria Sheahan, Tomasz Janowski
Organizations:
Swiss National Bank, Swiss, Reuters, European Central Bank, U.S . Federal Reserve, Reuters Graphics Reuters, Charlotte de Montpellier, ING, Thomson
Locations:
ZURICH, Switzerland