Swiss Producer and Import Deflation Eases

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.

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.