Pace of decline in Swiss producer/import prices slows in August

Federal Statistical Office reported on Tuesday that Switzerland's producer and import prices slid 0.4 percent year-on-year in August, following July's 0.8 percent decrease. A similar pace of decline was last seen in December 2013.

On a monthly basis, producer and import prices fell for a second consecutive month. Swiss producer and import prices decreased 0.3 percent m/m versus a 0.1 percent drop in July.

Economists had expected producer and import prices to fall 0.3 percent on a yearly basis and by 0.2 percent from July. Despite the miss on expectations data showed that Switzerland's producer and import prices declined at a slower pace than in the previous month.

In the European session, at GMT 1030, USD/CHF was trading at 0.9718, largely unchanged from yesterday’s close.