ZURICH, Oct 3 (Reuters) - Switzerland's inflation rate dipped slightly in September, the government said on Tuesday, the latest economy to show a slowdown in price rises as tighter monetary policy takes effect.
The consumer price index decreased by 0.1% in September compared to the level recorded by the Federal Statistics Office for August and was 1.7% higher compared to September 2022.
The reading was within the Swiss National Bank's (SNB) target range for price stability, which it defines as inflation of 0-2%.
Swiss inflation has declined in recent months as the stronger Swiss franc has dampened price increases from exports, while five interest rate hikes in a row by the SNB have cooled the economy.
The country boasts one of the lowest inflation rates in the world, far below September's 4.3% level in the eurozone, Switzerland's biggest export market.
In Germany, inflation fell to 4.6% in September, its lowest level since Russia invaded Ukraine, data showed on Friday. The information signalled that inflation could be waning in Europe's largest economy.
Other economies including France, Britain and Italy are also reporting lower inflation, as higher central bank interest rates take effect.
The Swiss central bank last month paused its rate hiking cycle, which it said was countering inflationary pressure.
Still, the SNB is braced for higher inflation in the coming months as Swiss rents and energy costs increase.
(Reporting by Noele Illien; Editing by Sharon Singleton)
