Swiss CPI drops more than expected in November

Source: Reuters
© scanpix/AFP
Consumer prices in Switzerland dropped more than forecast in November amid declining  fuel, rents and food cost, favoring Swiss National Bank's decision to retain its cap on franc. The Bank kept the Franc at 1.20 per euro in September, as investors from the Euro-area  boosted up the currency. The consumer CPI lost 0.4% in November on year-on-year basis. In comparison, prices in October dropped 0.2% and were 0.3% lower month on month.
"There are no inflation risks and deflation risks are kept in check by the exchange rate floor," said Sarasin economist Alessandro Bee. "We've seen less tension there over the last days: the franc is back on a level where intervention is not an issue. At 1.21 francs per euro, the SNB does not have sleepless nights."


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