Published by Zeb BhamThe gap between producer prices and import costs in Switzerland grew narrower in November, suggesting the country may be overcoming deflation risks.The official combined producer and import price index dropped 3.3 per cent last month; in October the Federal Statistics Office recorded a 4.7 year-on-year drop.Speaking to Reuters, Alessandro Bee, an economist at Sarasin, said the index is likely to post a rise in the coming months as higher oil costs are factored in."We're about to see a change. A year ago the price of oil was extremely low. So we're likely to see a strong rise in the import price index," he said.In the UK, the consumer price index this week showed a 40 basis point rise in November year-on-year, taking inflation to 1.9 per cent, largely due to higher oil prices.However, Investors Chronicle reports that there is a degree of alarm at the fact that core inflation is rising as well and is at its highest point in a year.Businesses looking to manage their import and export costs may benefit from developing a focused international payments strategy which capitalises on foreign exchange market fluctuations.For more information on international payments, visit our Smart FX site