Global economic growth has slowed “markedly” in recent months, the bank said, in part due to inflation that has weighed on consumers' pocketbooks, fallout from Russia's war in Ukraine, and coronavirus lockdowns in China. Supply bottlenecks have increased the prices of some goods, it said.
The bank said it “assumes that energy prices will remain high for the time being, but that there will not be an acute energy shortage in the major economic areas."
“The positive development of the economy should thus continue overall,” the national bank said in a statement.
This story corrects the amount of the Swiss rate hike rise to half a point, not a quarter of a point.