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Switzerland Inflation July 2023

Switzerland: Inflation declines to lowest level since December 2021 in July

Inflation ticked down to 1.6% in July from June’s 1.7%, meeting the Central Bank’s target of below 2%. July’s result represented the lowest inflation rate since December 2021. The figure was primarily due to a slower increase in prices for housing and energy. In addition, price pressures for transportation fell at a quicker pace. Inflation remains muted compared to neighbors, with euro area inflation clocking 5.3% in July. This is due to Switzerland’s ingrained low inflation expectations, the franc’s strength against both the dollar and euro, and mild wage growth.

Accordingly, the trend pointed down slightly, with annual average inflation coming in at 2.8% in July (June: 2.9%).

Finally, consumer prices dropped 0.14% in July over the previous month, contrasting the 0.06% increase recorded in June. July’s result marked the weakest reading since December 2022.

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