Swiss Inflation Rate Eases to 0.4% in July as Petroleum Prices Fall

Swiss Annual Inflation Drops to 0.4% in July, Petroleum Prices Decline

Swiss Inflation Trends and Contributing Factors

Inflation Rate Overview

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.

Petroleum Products and Other Price Changes

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 Petroleum Product Price Increase

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

Swiss National Bank Policy Response

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.

Inflation Target Range

The SNB targets an inflation rate of between 0 and 2%.

(Writing by Dave Graham, Editing by Friederike Heine)