Swiss July CPI Records Biggest Fall Since 1959

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Switzerland's consumer prices in July recorded the biggest fall since August 1959, official data showed Tuesday.

Consumer prices slipped 1.2% annually in July, severe than the1% decrease seen in June, the Federal Statistical Office reported. A year ago, annual inflation was 3.1%. Economists were expecting only 1.1% decrease for July.

The core CPI, which exclude volatile items rose 0.9% annually in July.

Month-on-month, consumer prices dropped 0.7% in July, in contrast June's 0.2% increase. Monthly fall was also larger than the expected decline of 0.5% on clearance sales.

Clothing and footwear cost was down 10.7% in July from the prior month, while cost of housing and energy dropped 0.4%. Food and non-alcoholic drinks also slipped 0.4%.

Switzerland's consumer prices in July recorded the biggest fall since August 1959, official data showed Tuesday. (Market News Provided by RTTNews)