Switzerland’s consumer price index fell 0.7% in November despite expectations for a 0.2% decline, which helped to lower the annual rate of inflation to 1.5% from 2.6% in October. The breakdown of the report showed that energy prices dropped another 8.2% following a 1.5% drop in the previous month, while transportation costs fell 3.5% during the month. Falling oil prices have certainly helped to taper the upside risks for inflation throughout the global economy, and as price pressures alleviate, the Swiss National Bank may have room to ease policy further as they expect economic activity to deteriorate throughout the next year.