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Financial News: Swiss Inflation Remains Stable In July

Swiss Inflation Remains Stable In July

08/03/2022 - 08:37:00 (RTTNews)

(RTTNews) - Switzerland's consumer price inflation held steady in July to remain at its highest level in twenty-nine years, data from the Federal Statistical Office showed on Wednesday.

Consumer prices rose 3.4 percent year-on-year in July, the same rate of increase as in June. Economists had expected the rate to climb slightly to percent.

A higher rate of inflation was last seen in October 1993.

On a monthly basis, consumer prices showed no variations in July versus an expected fall of 0.1 percent.

Heating oil prices decreased as well as those for clothing and footwear because of seasonal sales. In contrast, prices for gas and supplementary accommodation increased.

The core CPI, excluding prices of fresh and seasonal products, energy and fuel, increased 2.0 percent annually in July, while it dropped 0.2 percent from a month ago.

Imported inflation stood at 8.4 percent in July.

The EU measure of harmonized index of consumer prices, or HICP, rose 0.1 percent on a monthly basis in July and grew 3.3 percent from a year ago.

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