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Softer CPI Inflation In June

SWITZERLAND DATA
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Swiss June CPI inflation came in slightly softer than expected and 0.1pp lower than in May at +1.3% Y/Y (1.4% cons and prior). On a sequential comparison, CPI remained flat at 0.0% M/M (+0.1% cons; +0.3% prior). Core inflation meanwhile also printed below expectations, at 1.2% Y/Y (1.3% cons; 1.2% May).

  • For the Y/Y headline rate, this marks the first decline since three months.
  • Overall, domestic second-round effects overall do not seem to have seen a broad-based decline on first sight regardless of the headline decline.
  • On first sight, contributions of individual categories to the Y/Y headline rate were a bit mixed (although overall lower leading to the headline decline): We see significantly lower contributions from food / non-alcoholic beverages (-0.07pp change for a -0.04pp contr in June) and household products (-0.05pp chg to a -0.09pp June contr).
  • Meanwhile, the contribution of the recreation category appears to have jumped (+0.09pp to 0.27pp).

MNI, SECO

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Swiss June CPI inflation came in slightly softer than expected and 0.1pp lower than in May at +1.3% Y/Y (1.4% cons and prior). On a sequential comparison, CPI remained flat at 0.0% M/M (+0.1% cons; +0.3% prior). Core inflation meanwhile also printed below expectations, at 1.2% Y/Y (1.3% cons; 1.2% May).

  • For the Y/Y headline rate, this marks the first decline since three months.
  • Overall, domestic second-round effects overall do not seem to have seen a broad-based decline on first sight regardless of the headline decline.
  • On first sight, contributions of individual categories to the Y/Y headline rate were a bit mixed (although overall lower leading to the headline decline): We see significantly lower contributions from food / non-alcoholic beverages (-0.07pp change for a -0.04pp contr in June) and household products (-0.05pp chg to a -0.09pp June contr).
  • Meanwhile, the contribution of the recreation category appears to have jumped (+0.09pp to 0.27pp).

MNI, SECO