Swiss Producer and Import Deflation Sharpest in 1 Year

Switzerland’s producer and import prices dropped by 2.2% year-on-year in January 2026, deepening from a 1.8% fall in the previous month. This marked the sharpest producer deflation since January 2024, driven by faster declines in both producer prices (-1.5% vs -1.3% in December) and import costs (-3.5% vs -2.8%). On a monthly basis, producer and import prices fell by 0.2% in January, missing market estimates of a 0.1% gain and the same pace as in the preceding period. Prices declined mainly for electricity, irradiation, electromedical and electrotherapeutic equipment, petroleum products and slaughter pigs in the Producer Price Index, while petroleum products, pharmaceutical preparations and petroleum and natural gas in particular were responsible for a fall in the Import Price Index compared with December 2025.

Switzerland’s producer and import prices dropped by 1.8% year-on-year in December 2025, slipping further from a 1.6% fall in the previous month. The latest figure marked the sharpest producer deflation since September, driven by faster decreases in both producer prices (-1.3% vs -1.2% in November) and import costs (-2.8% vs -2.5%). On a monthly basis, producer and import prices fell by 0.2% in December, defying market forecasts of a 0.2% increase but easing from a 0.5% loss in the preceding period. Prices decreased compared to November mainly for petroleum and dairy products in the Producer Price Index, while pharmaceutical preparations, petroleum, and natural gas led declines in the Import Price Index. Average annual inflation in 2025 fell by 1%, mainly due to lower prices for pharmaceuticals, petroleum, electricity, and gas, despite higher food prices. Domestic producer prices fell 0.4% for the year, while import prices dropped 2.2%.

Switzerland’s producer and import prices fell by 1.6% year-on-year in November 2025, easing slightly from a 1.7% decline in the previous month. The latest figure marked the mildest pace of producer deflation since July, primarily driven by softer decreases in both producer prices (-1.2% vs -1.3% in October) and import prices (-2.5% vs -2.7%). On a monthly basis, producer and import prices fell by 0.5% in November, slipping further from a 0.3% decline in the previous month and defying market expectations of a 0.1% gain. The monthly decrease was mainly due to lower prices for pharmaceutical and chemical products, as well as petroleum and natural gas. In contrast, prices for refined petroleum products continued to rise.