Switzerland's consumer prices declined 0.5 percent year-on-year in May, after easing 0.6 percent each in April and March, the Federal Statistical Office reported Thursday.

Economists were forecasting the consumer price index to fall by 0.6 percent again in May.

On a monthly basis, consumer prices edged up 0.1 percent, in line with forecast, following a flat reading last month.

Footwear and clothing logged the biggest annual fall of 4.5 percent in May. Meanwhile, cost of food and non-alcoholic beverages gained 0.8 percent, it said.