Energy Price Pullback Eases Switzerland’s Annual Inflation Rate to 0.5% in June

Switzerland’s inflation rate edged down in June, marking its first decline since energy prices surged after the outbreak of the Iran war. According to Jin10, the Swiss Federal Statistical Office said on Thursday that annual inflation was 0.5% in June, down from 0.6% in April and May. The previous two months had been the highest inflation readings since 2024. Data showed that prices for petroleum products rose 15% year on year in June but eased from May. Air transport prices also fell, a category described as particularly sensitive to global energy prices. Meanwhile, hotel and car rental prices increased. The modest pullback in inflation also aligned with comments by Swiss National Bank Chairman Schlegel. At last month’s monetary policy meeting, he said that while the Middle East conflict had triggered an energy price shock, medium-term inflation pressures remained broadly stable.