Swiss Producer and Import Deflation Eases

Swiss producer and import prices fell 1.8% year-on-year in May 2026, easing from a 2.0% decline in April and marking the softest pace of deflation in five months, though extending a three-year streak of falling prices. The moderation was driven by a slower decline in import prices, which fell 0.2% after dropping 1.0% in April, while producer prices fell 2.5%, slightly deeper than the previous month's 2.4% decline. On a monthly basis, the producer and import price index fell 0.4%, missing expectations for a 0.4% increase and reversing April's 0.8% gain. Lower prices for pharmaceutical products, petroleum and natural gas, petroleum products, and electricity weighed on the index, while plastic products, basic metals, and other chemical products became more expensive.

Switzerland’s producer and import prices fell by 2.0% year-on-year in April 2026, following a 2.7% decline in the previous month, extending the country’s nearly three-year deflationary streak. The drop was driven by continued decline in producer prices, which remained unchanged at -2.4%, reflecting lower costs for manufactured goods (-2.1%), particularly computer, electronic and optical products, as well as watches (-2.4%). Import prices also continued to drop, though at a slower pace (-1.0% vs -3.2% in March), as a sharp increase in mining and quarrying products (+37.9%) partly offset lower prices for agricultural products (-2.2%) and manufactured goods (-1.4%). On a monthly basis, producer and import prices rose 0.8%, accelerating from a 0.2% gain in March, and well above the expected 0.1% increase, mainly driven by higher prices of petroleum products and natural gas. Basic metals and semi-finished metal products likewise recorded price increases.

Switzerland’s producer and import prices declined by 2.7% year-on-year in March 2026, the same pace as in the previous month. It remained the sharpest drop in producer prices since November 2020, driven by ongoing deflation in producer prices (-2.4% vs -2.3% in February) and import costs (-3.2% vs -3.5%). On a monthly basis, producer and import prices rose by 0.2% in March, in line with market expectations and rebounding from a 0.3% fall in the preceding period. Within the Producer Price Index, prices rose in particular for petroleum products as well as dairy products, partly offset by declines in confectionery and meat products. Costs also increased for petroleum, natural gas, apparel, and metals in the Import Price Index, though this was tempered by lower costs for pharmaceuticals, electronics, fruits, and other manufactured goods.