Artificial intelligence could push inflation higher in the short term through redirected investment and component shortages, Swiss National Bank governing board member Petra Tschudin said on Friday, Reuters reported.

"Shortages can occur, for example with chips, causing prices to rise," Tschudin told Swiss newspaper Finanz und Wirtschaft, adding that while productivity gains could reduce costs over time, they were unlikely to cause structural deflation.

Her comments follow research published Thursday by International Monetary Fund chief economist Silvana Tenreyro, who warned in Bank of England staff papers that productivity gains from artificial intelligence may fail to lower inflation.

The Swiss central bank projects inflation will remain within its target range of zero to 2 percent through early 2029, with its key interest rate at zero percent, Channel NewsAsia business reports.