Swiss Inflation Lowest In 17 Months

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

The consumer price index, or CPI, climbed 1.7 percent year-over-year in June, slower than the 2.2 percent gain in May.

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

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

Overall inflation was largely driven by a 5.1 percent rise in prices for food and non-alcoholic beverages, though slightly slower than the 5.3 percent increase in May.

The annual price growth in housing and energy eased to 2.9 percent from 3.2 percent. Meanwhile, transport costs dropped 3.3 percent.

On a monthly basis, consumer prices edged up 0.1 percent in June after rising 0.3 percent in the previous month.

Data showed that core inflation slowed to 1.8 percent from 1.9 percent. The monthly rate of change was flat.