Data published by the Federal Statistical Office (FSO) showed that consumer price growth slowed to 0.5% in June, compared with 0.7% in May. However, the price increase exceeded economists' expectations (+0.3%). In annual terms, consumer prices increased by 3.4% after rising by 2.9% in May. Consensus estimates suggested an increase by 3.2% per annum.
The FSO reported that the price increase in monthly terms was due to an increase in the cost of fuel, heating oil, as well as fruiting vegetables. Meanwhile, a decrease in prices was recorded for red wines and salads.
The data also showed that in June, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - grew by 0.5% on a monthly basis and by 3.2% per annum. In May, HICP grew by 0.5% and 3.2%, respectively.