The Federal Statistical Office (FSO) reported that Switzerland's he consumer price index (CPI) fell by 0.3 m-o-m in July after dropping 0.1 percent m-o-m in June. That was in-line with economists' expectations.

In y-o-y terms, the CPI was up 0.3 percent compared to a 0.2 percent rise in the prior month and economists forecast for a 0.3 percent gain.

According to the report, the major negative contributors to the CPI performance in July were such groups as clothing and footwear (-0.8 percent m-o-m), transport (-0.7 percent m-o-m) and restaurants and hotels (-0.5 percent m-o-m).

On an annual basis, the biggest gains in prices were recorded in clothing and footwear (+2.6 percent), housing and energy (+1 percent), recreation and culture (+0.9 percent m-o-m) and alcoholic beverages and tobacco (+0.7 percent).