ZURICH, April 9 (Reuters) - Swiss consumer prices fell 0.6
percent from a year ago and were 0.2 percent higher compared
with the previous month, the Federal Statistics Office said on
MAXIME BOTTERON, CREDIT SUISSE
'The data is not very surprising given the seasonal factors
like prices for clothes rising after the sales period, while on
the other side oil prices are a bit lower.'
'It doesn't change anything for monetary policy as there is
no inflationary pressure. The PMI data in March was under 50
again suggesting weaker industrial production so there is no
reason for inflationary pressure in coming months. There is also
no great risk of a deflationary spiral in Switzerland as the
minimum exchange rate means that import prices should not fall
DAVID MARMET, ZUERCHER KANTONALBANK
'The story in my view is that prices for imported goods are
still falling, despite the Swiss National Bank's defense of the
1.20 floor. This helps the SNB maintain their monetary policy,
and I see no signs of it changing. We believe the SNB will
maintain the cap well into 2014.'
ALESSANDRO BEE, SARASIN
'The Swiss National Bank can sit back and relax with data
like these. Their argument that as long as the danger of price
deflation exists, the 1.20 franc cap is needed.'
March Feb March
'13 '13 '12
Pct change m/m 0.2 0.3 0.6
Pct change y/y -0.6 -0.3 -1.0
Index (DEC 2010 = 99.1 98.9 99.7
Core infl. 1* y/y -0.6 -0.4 -1.2
Core infl. 2* y/y -0.7 -0.5 -1.6
KEY POINTS FROM THE SURVEY
*'The rise of 0.2 percent in March is primarily due to
higher prices for the new clothes and shoes rang after the
sales. However, less was paid for heating oil.'
*'Prices for domestic goods rose by 0.1 percent and those
for imported goods by 0.6 percent. Compared with a year ago,
prices for domestic goods also rose by 0.1 percent, while those
for imported goods showed a fall of 2.4 percent.'
For more details of the Federal Statistics Office statement
in German, Reuters 3000 Xtra users can click on:
For any market reaction, click on, or .
For a story on Swiss economy click on
Keywords: SWISS ECONOMY/CPI
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.