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Swiss Consumer Prices Fall Most In 4-1/2 Years

Switzerland's consumer prices declined the most in nearly four-and-a-half years in May, data from the Federal Statistical Office showed on Thursday.

The consumer price index decreased 1.3 percent year-on-year in May, following a 1.1 percent fall in April. This was in line with economists' expectation.

The latest decline was the worst since January 2016, when prices fell 1.3 percent.

On a monthly basis, consumer prices remained unchanged in May, after a 0.4 percent fall in the previous month. Economists had expected a 0.1 percent rise.

The monthly stability was driven by a rise in prices for housing rental, international package holidays, and stone fruits, while fuel prices and hotel accommodation decreased, the agency reported.

The core CPI fell 0.6 percent annually in May and rose 0.1 percent from the previous month.

The EU measure of harmonized index of consumer prices fell 0.2 percent monthly in May and declined 1.0 percent from the previous year.

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