Price pressure experienced by Switzerland eased slightly when data published at the start of the European session showed that inflation in the country remained stable in July, less than market expectations.
However, its inflation rate remains at a 29-year high, above the 0-2% target range by the Swiss National Bank (SNB).
The SNB had previously raised its interest rate in June for the first time in 15 years due to rising inflation.
Switzerland's annual consumer price index (CPI) reportedly remained unchanged at 3.4% last month, missing market expectations for a 3.5% rise.
This comes as falls in the prices of heating oil, clothing and shoes have offset high prices for gas and extra accommodation.
Also, core CPI (excluding volatile fuel and food prices) was down 0.2% from June and up 2.0% year-on-year.
The Swiss Franc weakened slightly against the US dollar and the euro following the publication of this data.
SNB chairman Thomas Jordan said that continued inflationary pressures mean further policy tightening may be necessary.
This suggests that the central bank is likely to continue raising rates but at a slower pace due to inflation remaining stable in July.
