Swiss inflation edged lower in June, marking the first decline after two months of acceleration driven by energy price surges following regional conflicts. The annual rate fell to 0.5% from 0.6% in both April and May, according to the Federal Statistical Office.

Petroleum product prices rose 15% year-over-year but retreated from May levels, while air transport costs also eased due to their sensitivity to global energy markets. However, hotels and car rental services pushed prices higher during the month.

Swiss National Bank Chairman Martin Schlegel recently noted that medium-term inflation pressures have remained largely unchanged despite the energy-driven volatility. The modest decline reinforces his assessment that underlying price stability has held firm.

June's figures show Switzerland's inflation returning toward more typical levels after peaking at the highest rate since 2024 in the prior two months, suggesting the energy shock may be losing momentum.