Swiss Producer and Import Deflation Softest in a Year

Switzerland’s producer and import prices fell 0.2% year-on-year in September 2026, easing from a 0.7% decline in the previous month and marking the softest deflation since March 2025. Producer prices dropped 1.2%, slightly narrowing from a 1.3% fall in August, as declines eased for agricultural and forestry products (-2.7% vs -3.5%), manufactured products (-0.9% vs -1.1%), and water treatment and distribution, waste collection and recovery (-1.1% vs -2.3%). Meanwhile, import prices rose 2.1%, accelerating from 0.8% in the previous month, mainly driven by faster price growth for manufactured products (2.2% vs 1.2%). On a monthly basis, producer and import prices rose 0.3%, slowing from 0.7% in August and missing market expectations of a 0.5% increase, despite higher prices for petroleum products, computers, petroleum and natural gas, and motor vehicles and parts.

Switzerland’s producer and import prices fell 0.7% year-on-year in August 2026, easing from a 2.1% decline in the previous month and marking the softest deflation since June 2025. Producer prices decreased 1.3%, moderating from a 2.3% drop in July, as deflation eased across agricultural and forestry products (-3.5% vs -5.8%), manufactured products (-1.1% vs -2.1%), and water treatment and distribution, waste collection and recovery (-2.3% vs -4.0%). Meanwhile, import prices rose 0.8%, rebounding from a 1.5% decline in the previous month, driven by a recovery in manufactured products (1.2% vs -0.9%) and faster growth in agricultural products (5.7% vs 1.7%). On a monthly basis, producer and import prices increased 0.7%, rebounding from a 0.1% decline in July. The recovery was mainly driven by higher prices for petroleum products and pharmaceutical preparations, as well as slaughter pigs, pork, raw milk, rubber and plastic products, and plastics in primary forms.

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.