According to Jinshi, the Swiss Statistical Office announced on Thursday that the CPI rose 1.3% in June from the same period last year, lower than economists' expectations and lower than the 1.4% increase in May. The cost of goods fell 0.2% year-on-year, and the service industry grew 2.4%, which contributed to the cooling of the economy. The Swiss National Bank cut interest rates at its last two meetings and initiated easing policies. Economists expect another rate cut this year, but it is not clear whether it will be in September or December. Swiss National Bank President Jordan said this month that the forecast would be even lower if there was no rate cut.