July CPI +0.4% vs +0.4% y/y expectedPrior +0.5%July core CPI +0.3% y/yPrior +0.3%Swiss inflation continues be rather benign with the monthly estimate even showing a 0.1% decline in headline inflation. With core annual inflation also keeping steady and continuing to keep closer to 0% than 1%, the big worry for the Swiss economy remains a return to deflation. For now, higher price pressures globally may keep the central bank from needing to take any immediate action. However, a stronger Swiss franc currency will continue to pile on the pressure in the bigger picture. As such, the Swiss central bank cannot rest on its laurels in pushing back against such strength in the currency.