Switzerland: Consumer prices record the smallest annual decrease in 20 months
August 8, 2016
In July, consumer prices decreased 0.4% over the previous month, which contrasted June’s 0.1% increase but was slightly slower than market expectations of a 0.5% decline. July’s reading marked the fastest monthly drop in 12 months and it was mainly driven by lower prices for clothing due to end-of-season sales. Crude oil products, hotel lodging and air transport also recorded a decline in prices.
In annual terms, consumer prices fell 0.2% in July, which was above June’s result (-0.4% year-on-year) and marked the smallest annual decrease since November 2014. The annual average variation in consumer prices registered minus 0.9% in July (June: -1.0% year-on-year).