Swiss inflation steady at 0.2% in September 2025, with interest rates held at zero.

Inflation in Switzerland held steady at 0.2% in September 2025, unchanged from August, according to official data. The Swiss National Bank (SNB) maintained its key interest rate at zero, ending six consecutive rate cuts, and avoided returning to negative rates despite prolonged near-zero inflation. The SNB signaled further cuts could follow if deflation reemerges, as prices briefly dipped below zero in May. The central bank reaffirmed its commitment to price stability, including the use of foreign-exchange interventions, amid a strengthening Swiss franc and new U.S. tariffs affecting key exports.