Slowing energy prices (MoM -4.2%) and seasonal effects for clothes and footwear (MoM -2.8%) drove Switzerland in a slight deflation on monthly basis again.
The Consumer Price Index (source) fell by 0.3% MoM. The CPI ex Energy fell by 0.1% MoM. The YoY remains in deflation (-3.9%), the price change since december 2011 is still +0.20%.
Energy prices fell more strongly than the USD increased against the Swiss franc and the YoY value remained in a strong contraction. For this reason the FX pass-through effect we expected, has not take place yet (more details on the May data to the right).
The German CPI, an index which has a similar CPI basket and a pegged currency is supposed to fall by 0.1% MoM.
See more for Next post
Tags: CPI basket,Deflation,franc,Germany Consumer Price Index,peg,Switzerland