Swiss inflation steady at -1 percent

6th July 2009, Comments 0 comments

The Federal Statistics Office says inflation remains at a 50-year low point.

Zurich -- Swiss consumer prices dropped by minus one percent on a 12-month basis in June as inflation remained unchanged at a 50-year low point, official statistics showed Friday.

The consumer price index rose by 0.2 percent compared to May largely due to the renewed increase in oil prices, the Federal Statistics Office said in a statement.

The annualised inflation rate dropped to minus one percent in May, after falling from a 3.1 percent peak in July 2008.

The beginning of summer sales brought down clothing prices by 4.4 percent, moderating increases in other sectors in June, while the average price of imported goods fell at a rate of 6.5 percent.

Switzerland's central bank expects the economic crisis to bring the inflation rate to an average of minus 0.5 percent in 2009, becoming positive in 2010 at 0.4 percent and 0.3 percent.

AFP / Expatica

0 Comments To This Article