Swiss Inflation Eases To 1.6%, Lowest In 18 Months

(RTTNews) - Switzerland's consumer price inflation eased for the fifth straight month in July to the lowest level in one-and-a-half years, the Federal Statistical Office reported Thursday.

The consumer price index, or CPI, climbed 1.6 percent year-over-year in July, slightly slower than the 1.7 percent gain in June. That was in line with economists' expectations.

This was the weakest rate of increase since January last year, when prices had risen the same 1.6 percent.

Moreover, inflation remained within the central bank's target range of 0-2 percent.

Housing and energy costs increased at a slower pace of 2.7 percent annually in July versus a 2.9 percent gain in June.

Overall inflation was largely driven by a 5.3 percent rise in prices for food and non-alcoholic beverages. Meanwhile, transport costs dropped 3.9 percent.

On a monthly basis, consumer prices dropped 0.1 percent in July, reversing the 0.1 percent rise in the previous month. The expected fall was 0.2 percent.

Data showed that core inflation slowed to 1.7 percent from 1.8 percent. The monthly outcome was a decline of 0.2 percent.