Switzerland’s CPI inflation stable at 1.3% in July

Annual consumer price inflation in Switzerland has remained stable at 1.3% in July, the latest data by the Swiss Federal Statistical Office showed.

The latest CPI figure came in line with market consensus.

In July, prices were lower for:

– clothing & footwear (-1.8% YoY versus -2% YoY in June);
– household goods & services (-1.5% YoY versus -2.5% YoY in June);
– healthcare (-0.6% YoY versus -0.5% YoY in June).

In the meantime, inflation eased for:

– transport (0.2% YoY from 0.7% YoY in June);
– recreation & culture (1.8% YoY from 3.2% YoY in June).

And, inflation remained steady for housing & energy, at 3.8%, and for restaurants & hotels, at 1.9%.

The nation’s annual core inflation rate, which excludes volatile categories such as unprocessed food and energy, has also remained stable at 1.1% in July.

The USD/CHF currency pair settled 1.85% lower at 0.8568 on Friday. For the week, the currency pair retreated 3.02%, as weak US employment data bolstered the case for rate cuts by the Federal Reserve.