Swiss annual inflation ticks down to 0.4% in July
Swiss Inflation Data and Economic Impact
Overview of July Inflation Figures
ZURICH, Aug 3 (Reuters) - Swiss annual inflation eased by a tenth of a percentage point in July, in line with analysts' expectations, as the overall cost of petroleum products came down compared to the previous month, official data showed on Monday.
Swiss consumer prices were 0.4% higher than in July 2025, figures from the Federal Statistical Office showed. In June, Swiss annual inflation stood at 0.5%.
Month-on-Month Changes
Month-on-month, consumer prices dipped 0.1%, again in line with the consensus forecast of a Reuters poll of analysts.
Sector-Specific Price Movements
Petroleum Products and Energy
The cost of petroleum products in Switzerland declined 0.7% compared with June, the data showed. Prices for clothing and footwear also fell due to seasonal sales. By contrast, the cost of heating oil jumped from the previous month.
Year-on-Year Petroleum Price Trends
Year-on-year, the cost of petroleum products was up 13.6%, pushed higher by the conflict in the Middle East.
Swiss National Bank Response
Interest Rate Policy
The Swiss National Bank left its benchmark interest rate unchanged in June, saying its medium-term inflation outlook had barely changed despite a recent uptick in price pressures.
Inflation Target and Official Comments
The SNB, which targets an inflation rate of between 0% and 2%, declined to comment on the data.
(Writing by Dave Graham, Additional reporting by John RevillEditing by Friederike Heine)
