Lower petrol prices put a brake on inflation
The Swiss consumer price index fell by 0.2 per cent in July, according to figures released on Tuesday by the federal statistics office in Neuchâtel.
The annual inflation rate fell to 1.4 per cent in July, compared with 1.6 per cent in June and 1.9 per cent in July last year.
Commenting on the figures, the office said that the slight decline in the price index was due mainly to lower transport costs (-1.4 per cent), which had been influenced by lower prices for petrol.
It added that the price of domestic goods increased slightly in July (0.1 per cent) but decreased by 0.7 per cent for imported goods, mainly because of the lower petrol price.
The Swiss consumer price index started in 1922 and has been revised seven times to take account of changes in market, product and consumer structures over the years.
It is used for a wide variety of applications, including appraisal of the economic situation in connection with Switzerland’s monetary policy or its ability to compete at international level, and the indexation of wages and pension benefits.
The index is also used in inflation adjustment, for instance to ascertain real economic growth and the real movement of wages or volume of trade.
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