Swiss Producer and Import Prices Tip Higher in August, Annualized Rate Falters
Producer and import prices in Switzerland rose 0.1% in August, which was in-line with forecasts, while the annualized rate of inflation tumbled 5.5% from the previous year on the back of lower commodity and energy prices. The breakdown of the report showed factory gate prices held flat after falling 0.2% in the previous, with import prices increasing for the second consecutive month in August, while the annual rate slipped 3.1% and 9.9%, respectively. As the Swiss National Bank maintains a dovish outlook for inflation, fears of a slower recovery may lead the central bank to take additional steps to stem the appreciation in the exchange rate but nevertheless, the SNB is widely expected to hold the benchmark interest rate at 0.25% later this week and is likely to maintain its current policy going forward as the economic outlook remains weak.
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