Swiss Inflation Rate Dips to 0.4% Amid Declining Petroleum Prices

Switzerland's annual inflation rate eased to 0.4% in July, matching analyst expectations, as petroleum product prices declined compared to June.

The Federal Statistical Office released figures showing that Swiss consumer prices were 0.1% lower month-on-month and 13.6% higher year-over-year due to the conflict in the Middle East.

Petroleum products saw a 0.7% drop in price from the previous month, while heating oil costs rose.

The Swiss National Bank maintained its benchmark interest rate at 0%, citing medium-term inflation outlook as unchanged despite volatile energy prices.