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Switzerland’s consumer prices drop at slower pace in Dec

Switzerland’s consumer prices drop at slower pace in Dec

ZÜRICH: Switzerland’s consumer prices dropped at a slightly slower pace in December, the Federal Statistical Office said Friday. Consumer prices decreased 1.3 percent on a yearly basis after easing 1.4 percent a month ago. Prices were expected to fall 1.2 percent. Inflation has been in negative zone since late 2014.

Consumer prices slid 0.4 percent month-on-month in December, following a 0.1 percent fall in November. This was the biggest fall since July, when prices declined 0.6 percent.

In 2015, the average annualized inflation rate was -1.1 percent, in line with central bank’s estimate. The Swiss National Bank expects inflation to be at -0.5 percent in 2016. Inflation is forecast to move to positive zone in 2017.