Switzerland July CPI -0.5% vs -0.4% m/m expected

Latest data released by the Federal Statistics Office - 2 August 2019

• Prior 0.0%
• CPI +0.3% vs +0.5% y/y expected
• Prior +0.6%

• Core CPI +0.4% vs +0.6% y/y expected
• Prior +0.7%

If the SNB ever needs an excuse to introduce more stimulus, they can always rely on disinflationary pressures to back them up. The noticeable dip in the core reading here suggests that inflation is still going nowhere in the Swiss economy.

Add to the fact that the ECB is looking to introduce additional easing measures in September and the franc gaining significant strength from global uncertainties, it's only a matter of time before the SNB steps in.

Be mindful that they may not necessarily wait until the September meeting to do so.