| Swiss CPI fell by 0.1% m/m and 0.1% y/y |
| 07.11.11 11:35 | |
|
In October, Swiss CPI fell by 0.1% m/m and 0.1% y/y, after 0.3% and 0.5%, respectively, reported for September. Prices for food and non-alcoholic beverages and those for leisure/culture were down by 0.4% m/m, respectively. Prices for transportation were down by 1.1% m/m, while those for household apparel fell by 1.0% m/m. Prices for alcoholic beverages and tobacco rose by 4.0% m/m, while those for clothing/shoes were up by 2.7% m/m. Crude oil prices rose by 1.6% m/m and 10.5% y/y. The overall CPI index excluding crude oil products was -0.1% m/m and -0.5% m/m. Looking at measures of "core inflation", "core inflation 1" (that is headline CPI excluding fresh and seasonal products, energy and fuel) fell by 0.1% m/m and was down by 0.5% y/y (September: 0.2% m/m and 0.2% y/y). "Core inflation 2" ("core inflation 1" excluding products with administered prices) fell 0.1% m/m and 0.8% y/y (September: 0.2% m/m and 0.0% y/y). Overall, the change in the Swiss CPI remains not only well below the Swiss National Bank's upper 2% y/y ceiling, the October decline may even make "deflationary" concerns reappear. In any case, an ongoing favourable domestic CPI development should play into the SNB board's hand, allowing it to keep the Swiss exchange rate vis-à-vis the euro through a policy of unlimited FX purchases for now. source: BarCap |
| < Prev | Next > |
|---|