Swiss Producer and Import Prices Rise for 1st Time Since 2023

Switzerland’s producer and import prices rose by 0.9% year-on-year in October 2026, marking the first increase since April 2023 and rebounding from a 0.2% decline in the previous month. The upturn was driven by a 4.3% increase in import prices, accelerating from 0.8% in September, while producer prices fell by a softer 0.5%, compared with a 1.2% decline previously. Higher import costs were mainly driven by petroleum and natural gas (68.3%), petroleum products (117.7%), and manufactured products (3.5%). Meanwhile, producer prices were supported by higher costs for petroleum products (116.3%), wiring devices (6.4%), and medical and dental instruments and supplies (1.9%). On a monthly basis, the combined index rose by 0.9%, sharply exceeding forecasts of 0.2% and marking the fastest rise since May 2022. This also accelerated from a 0.3% gain in September, as import prices jumped 1.7% and producer prices increased 0.5%.

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.