Consumer prices in Switzerland fall 0.4% in January

Thursday, 11. February 2016 09:37

Discounts in the clothing sector, paired with falling fuel prices, drove Switzerland's Consumer Price Index (CPI) 0.4% lower in January from the reading of the previous month, the Federal Statistical Office said on Thursday. Air transport and private insurance costs also fell while hotel tariffs rose. The inflation rate was 1.3% below zero for the twelve months through January, the report said.

CPI's import prices segment dropped 1.9% in January and 3.3% over the year, to land at 98.1 points. Domestic goods and services rose 0.1% last month and were 0.6% lower than 12 months before, bringing the component to 100.1 points, while the overall index stood at 99.6. 

The SMI stock index dropped 2% at 9:18 a.m. CET, with UBS Group and Credit Suisse Group plunging over 6%. The Swiss franc rose 0.38% against the dollar and 0.91 versus the pound at 9:37 a.m. CET. The Swiss currency was 0.46% down compared to the dollar and flat versus the euro.

 

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