The Swiss national bank has intervened repeatedly over the last year to devalue the franc. They do it for the same mercantilist reason that China does it: to su

The Swiss national bank has intervened repeatedly over the last year to devalue the franc. They do it for the same mercantilist reason that China does it: to subsidize export industries. So even though Swiss consumers may not be seeing nominal price inflation, they are most definitely paying higher prices than they would have otherwise been paying if the SNB really maintained a hard currency.