Swiss Inflation Eases More Than Expected To 2.9%

(RTTNews) - Switzerland's consumer price inflation eased more-than-expected in March to the lowest level in three months amid a slowdown in prices for a broad number of categories, the Federal Statistical Office reported Monday.

The consumer price index, or CPI, climbed 2.9 percent year-over-year in March, slower than the 3.4 percent gain in February. Economists had expected inflation to ease to 3.2 percent.

The overall inflation in March was largely driven by a 6.3 percent rise in prices of food and non-alcoholic beverages, slightly below the 6.5 percent increase in February. The annual price growth in utilities eased to 4.3 percent from 4.7 percent.

Costs for clothing and footwear were 3.2 percent higher compared to last year, while those for communication dropped 2.8 percent.

On a monthly basis, consumer prices edged up 0.2 percent versus a 0.7 percent rise in February. The expected increase was 0.4 percent.

Data showed that core consumer prices rose 2.2 percent yearly and by 0.2 percent monthly in March.