Swiss annual inflation ticks down to 0.4% in July

ZURICH, Aug 3 (Reuters) - ‌Swiss annual ​inflation ​eased by a tenth of a percentage point in July, in line ‌with analysts' expectations, as the overall cost ⁠of petroleum products came down compared to the previous ‌month, official data showed ‌on Monday.

Swiss consumer prices were 0.4% higher than in July 2025, figures from the Federal ​Statistical Office showed. In June, Swiss annual inflation stood at 0.5%.

Month-on-month, consumer prices ⁠dipped 0.1%, again in line with the consensus forecast of a ​Reuters poll of analysts.

The cost of petroleum products in Switzerland declined 0.7% compared ​with June, the data ‌showed. Prices for clothing and footwear also fell due to seasonal sales. ⁠By contrast, the cost of heating oil jumped from the previous month.

Year-on-year, the cost of petroleum ⁠products was up 13.6%, pushed higher by the conflict in ​the Middle East.

The Swiss National Bank left its benchmark interest rate unchanged in June, saying its medium-term inflation ‌outlook had barely changed despite a recent uptick in price pressures.

The ‌SNB, which targets an inflation rate of between ⁠0% and 2%, ‌declined to comment ​on the data.

(Writing by Dave Graham, Additional reporting by John RevillEditing by Friederike ‌Heine)

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