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Switzerland Inflation June 2023

Switzerland: Inflation falls to over one-year low in June

Inflation came in at 1.7% in June, which was down from May’s 2.2%. June’s reading marked the lowest inflation rate since January 2022, undershot market expectations and was in line with the Central Bank’s target of below-2% inflation. The reading was driven by moderating price pressures for housing and energy, transportation and food. Inflation remains muted compared to neighbors: A flash estimate put euro area inflation at 5.5% in June. This is due to Switzerland’s ingrained low inflation expectations, the franc’s strength against the euro, and mild wage growth.

In addition, the trend pointed down mildly, with annual average inflation coming in at 2.9% in June (May: 3.1%).

Finally, consumer prices rose 0.06% over the previous month in June, below the 0.25% rise logged in May.

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