Marked decline in inflation is welcome.

Our monetary policy is significantly more restrictive than one year ago.

Monetary tightening has strengthened Swiss Franc, which has damped imported inflation.

Rise in rents will lead to higher domestic inflation.

Still, underlying inflation pressure has risen further.

We cannot rule out further monetary policy tightening.

There is a danger that inflation becoming entrenched above 2%.

Inflation caused by higher rents is not a reason for refraining from rate hikes in future.

Most likely we will have to tighten monetary policy again, but we can also take more gradual approach.

A gradual approach to interest rate rises is appropriate at present, we can look again in September.

View that we would have better monetary policy by not tightening today is false.