Switzerland July CPI -0.9% vs -1.1% y/y expected

Latest data released by the Federal Statistics Office - 3 August 2020

• Prior -1.3%
• Core CPI -0.4% vs -0.7% y/y expected
• Prior -0.8%

The only positive takeaway is that Swiss inflation was not as subdued as feared in the month of July but continues to remain firmly in deflation territory overall. That just keeps the narrative going that the SNB will still intervene in the market to limit franc gains and also keep monetary policy as accommodative as they can for the time being.