Swiss inflation drops due to decreasing oil prices

3 December 2008

ZURICH – Swiss statistics published Tuesday show that inflation in November fell sharply to levels last reached in October 2005 due to lower oil prices.

The annual inflation rate fell to 1.5 percent from 2.6 percent in early November, the Federal Statistics Office said.

Stimulated by sharply increasing oil prices in July, inflation reached an annual rate of 3.1 percent, the highest level reached since 1993.

But oil prices dropped dramatically from record highs above USD 147 (CHF 178) in July to below USD 50 now.

[AFP / Expatica]