Swiss Producer and Import Deflation Eases

Switzerland’s producer and import prices dropped by 2.1% year-on-year in July 2026, the same pace as in the previous month and extending a more than three-year deflationary streak. The latest figure also remained the sharpest annual decline since March, reflecting continued weakness in both domestic and imported prices. Producer prices continued to decline (-2.3% vs -2.7% in June), driven by lower prices mainly for agricultural and forestry products (-5.8%), electricity and gas supply (-6.9%), and water treatment and distribution (-4%). Import prices also declined further (-1.5% vs -0.8%), as costs dropped for mining and quarrying products (-19.5%) and manufacturing products (-0.9%), which more than offset an increase in agricultural products (1.7%). On a monthly basis, producer and import prices fell by 0.1% in July, following a 0.3% decrease in June and marking a third consecutive monthly drop, mainly driven by lower petroleum-related prices.

Switzerland’s producer and import prices dropped by 2.1% year-on-year in June 2026, accelerating from a 1.8% fall in the previous month and extending a three-year deflationary streak. The latest reading also marked the steepest annual decline since March, reflecting continued weakness in both domestic and imported prices. Producer prices fell further (-2.7% vs -2.5% in May), driven by lower prices for electricity and gas supply (-7%), water treatment and distribution (-3.4%), and manufactured goods (-2.5%), particularly chemical and pharmaceutical products (-6.8%) and computer, electronic and optical products, including watches (-2.4%). Import prices also declined 0.8% (vs -0.2%), as cheaper costs for agricultural products (-1.1%) and manufactured goods (-0.8%) outweighed an increase in mining and quarrying (7.7%). On a monthly basis, producer and import prices fell 0.3%, following a 0.4% loss in May, mainly due to lower petroleum-related prices.

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.