Finance
SNB chairman expects Swiss inflation to pick up
Published by Global Banking & Finance Review®
Posted on February 24, 2026
2 min readLast updated: February 24, 2026
Quick Summary
SNB chair Martin Schlegel says the world economy has held up better than expected against U.S. tariffs. About a quarter of Swiss firms report negative effects, while inflation was 0.1% in January 2026, near the bottom of the SNB’s target. (investing.com)
By John Revill
ZURICH, Feb 24 (Reuters) - Switzerland may see negative inflation in some coming months, but that would not be cause for alarm with the Swiss National Bank focussing on mid-term price developments, SNB Chairman Martin Schlegel said on Tuesday.
Speaking at an event in Zurich, Schlegel said the SNB, which targets an inflation rate of 0-2%, expected inflation to move higher in the months ahead.
It was possible there could be some months with negative readings, Schlegel said. "But a few months is not an alarm signal. We look at price stability over the mid-term," he added.
Earlier this month Schlegel said that a combination of low inflation and the central bank's current policy rate of 0% put the SNB in a tight spot.
Swiss inflation has remained low at the start of 2026, with a reading of 0.1% in January at the bottom end of the SNB's target range for annual inflation.
During the event, Schlegel noted that inflationary pressures in Switzerland have barely changed.
The central bank chief also said that U.S. tariffs and uncertainty have weighed on global economic growth, but many parts of the economy have proved more resilient than expected.
Schlegel said about one in four Swiss companies surveyed by the central bank have been negatively affected by the tariffs. Nearly one in ten companies, mainly engineering firms, are feeling significant negative effects, he noted.
Some companies consulted had begun to relocate parts of their manufacturing to countries with lower U.S. tariffs or to the United States, but many companies had not decided on any measures yet, Schlegel said.
(Reporting by John RevillEditing by Dave Graham)
Key Takeaways
- •SNB Chairman Martin Schlegel says U.S. tariffs weighed on growth, but the global economy proved more resilient than expected.
- •Around one in four Swiss companies surveyed by the SNB reported negative effects from tariffs.
- •Nearly one in three firms took no action in response to tariff pressures.
- •Swiss inflation was 0.1% in January 2026, at the bottom of the SNB’s 0–2% target range. (uvek.admin.ch)
- •With inflation subdued, the SNB is likely to remain cautious on policy signaling. (investing.com)
Frequently Asked Questions about SNB chairman expects Swiss inflation to pick up
1What is the main topic?
SNB Chairman Martin Schlegel says the global economy has coped better than expected with U.S. tariffs, while Switzerland’s inflation remains very low. (investing.com)
2How have Swiss companies been affected?
About one in four firms surveyed by the SNB report negative effects from tariffs, and nearly one in three took no measures in response, according to Schlegel’s comments.
3What is Switzerland’s latest inflation reading?
Annual inflation stood at 0.1% in January 2026, the bottom of the SNB’s 0–2% target range. (uvek.admin.ch)
