Swiss August producer/import prices have come in at +0.1% m/m, -5.5% y/y, exactly in line with median forecasts.
The -5.5% y/y rate is a slowdown from July’s -6.1% contraction (which was the sharpest decline since 1975.) There will be hopes that the slowdown is evidence of deflation pressures easing. Maybe, but can’t help feeling that may be wishful thinking. As they say “one swallow doth not a summer make.”
Meanwhile EUR/CHF has extended it’s recovery a touch, presently up at 1.5133.
