Producer and import prices fell slightly again in January
Published: Thursday, Feb 15th 2024, 09:10
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In Switzerland, price pressure for companies has steadily decreased over the course of the past year and has now also decreased at the start of the new year. In January, annual inflation based on producer and import prices was negative for the ninth month in a row.
Compared to January 2023, the price level fell by 2.3%, as reported by the Federal Statistical Office (FSO) on Thursday. Compared to December, the overall producer and import price index (PPI) fell by 0.5% to 106.7 points in January.
However, there was a difference between producer and import prices. While the former stagnated in January compared to the previous month at an index level of 106.4 points, the import price index fell by 1.6% to 107.3 points.
Lower prices were recorded in the producer price index, particularly for crude oil and natural gas, petroleum products as well as data processing equipment, electronic and optical products. Electricity, on the other hand, became more expensive, the FSO reported.
The decline in the import price index compared to December 2023 was primarily due to lower prices for crude oil and natural gas as well as petroleum products. Computers and peripheral devices, telecommunications technology devices and equipment and metal products also became cheaper. On the other hand, prices for pome and stone fruit were higher.
The PPI is regarded as a leading indicator for the development of consumer prices, as the costs of production are normally passed on to consumer prices. However, it has significantly higher swings and is much more volatile due to the high dependence on commodities.
©Keystone/SDA
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