Inflation in Switzerland Grows at a Slower-than-Expected Pace in November
Data released by the Swiss Federal Statistical Office on Tuesday morning showed that
Switzerland’s inflation rate grew less than anticipated on an annual basis in November.
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Switzerland
The Consumer Price Index (CPI), the primary measure of inflation, rose by 0.7% year-on-year in November,
falling short of market expectations, which projected an increase to 0.8%.
This follows a previous reading of 0.6% in October.
On a monthly basis, the data revealed a 0.1% contraction in inflation during November,
in line with expectations, after a similar contraction was recorded in October.
China
Chinese Yuan Continues to Decline Against the Dollar Amid Rate Cut Expectations
The Chinese currency weakened against the dollar in Tuesday’s spot market trading despite efforts by the central bank to support the yuan and counter economic pressures. Expectations of interest rate cuts to stimulate the economy and address potential U.S. tariffs are adding to the pressure.
The dollar rose 0.19% against the yuan, reaching 7.2866 yuan, after earlier touching 7.3014 yuan, marking the yuan’s weakest level in a year.
The Chinese central bank lowered the reference rate for the dollar to 7.1996 yuan in the domestic market in an attempt to keep the local currency stable below the 7.2 yuan mark, a threshold that has been under pressure since the election victory of U.S. President Donald Trump.
Despite allowing a 2% fluctuation above or below the reference rate, the yuan has faced mounting pressure due to expectations of continued monetary easing to stimulate the economy, alongside Trump’s threats of additional tariffs on Chinese exports.
Inflation in Switzerland Grows at a Slower-than-Expected Pace in November