Switzerland June CPI -1.3% vs -1.2% y/y expected

Latest data released by the Federal Statistical Office - 2 July 2020

• Prior -1.3%
• Core CPI -0.8% vs -0.6% y/y expected
• Prior -0.6%

The bad news for the Swiss economy and the SNB is that inflation pressures continue to remain highly subdued, with the core reading even slipping further to its lowest level since January 2016. This only means that the SNB will have more conviction to keep limiting any appreciation in the Swiss franc moving forward.