According to the report from the Federal Statistical Office, consumer prices stabilized in July after rising 0.5% in June. However, economists had expected prices to decline by 0.1%. In annual terms, consumer prices increased by 3.4% after a similar increase in June. Consensus estimates suggested an increase by 3.5% per annum.
The FSO reported that prices for heating oil decreased, as did those for clothing and footwear due to seasonal sales. In contrast, prices for gas and supplemental accommodation increased compared to June.
The data also showed that in July, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Switzerland with inflation in European countries - grew by 0.1% on a monthly basis and by 3.3% per annum. In June, HICP grew by 0.5% and 3.2%, respectively.