FXstreet.com (Barcelona) - Inflation continued declining in Switzerland in December, with producer and import prices posting the fifth consecutive monthly decline, according to figures released by the Swiss Statistics Office.

Producer and import prices have decreased 0.7% in Switzerland in December compared to the previous month, following declines by 1.4% and 0.6% in November and October respectively.

Year on Year, producer and import prices have increased 0.4% in Switzerland. The average increase for the whole 2008 year has given a 3.3% annual growing rate, with inflation rising higher in the first half of the year, driven mostly by higher prices of petrol and metal products, to fall sharply from August onwards due to the financial crisis and the economic downturn.

All in all, producer and import prices have, on average rate, increased at a pace somewhat faster than in 2007, when the average growing rate was 2.6%.