Swiss inflation picks up more than forecast in Jan

February 11, 2010 Share Print 0

Inflation in Switzerland accelerated in January by more than analysts had expected, indicating that the threat of deflation is fading quickly.

The consumer price index in January rose 1.0 percent from a year ago, though it was 0.1 percent lower compared with the previous month, the Federal Statistics Office said on Thursday.

“The influence of (winter) sales was weakened by rising crude oil prices,” the statistics office said.

Core inflation, which strips out volatile price elements such as tobacco and fuel, ticked up to 0.6 percent. Economists polled by Reuters had expected a yearly headline inflation rate of 0.6 percent.

Switzerland emerged from recession in the third quarter of 2009, and recent indicators have pointed towards further recovery. Last year, consumer prices posted their first full-year decline since 1959.

Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.