Producer and import price index falls again in November
Published: Monday, Dec 16th 2024, 09:50
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Price pressure on companies in Switzerland continued to ease in November. The overall producer and import price index (PPI) calculated by the Federal Statistical Office (FSO) fell by 0.6% to 106.3 points compared to October.
Compared to the previous year, the price level fell by 1.5%, as announced by the FSO on Monday. This means that year-on-year inflation has been negative since May 2023. The last time annual inflation was -1.8% was in October.
Producer prices fell by 0.5% and import prices by 0.7% in November compared to October, according to the report. At -3.8%, the year-on-year decline in import prices was once again significantly greater than the -0.4% fall in producer prices.
According to the FSO, price declines in production were mainly seen for pharmaceutical specialties. However, organic products in the chemical industry also became cheaper. However, price increases were recorded for pharmaceutical raw materials.
On the import side, crude oil and natural gas as well as chemical products were particularly responsible for the fall in the index, the Federal Office added. Prices for pharmaceutical products, paper and paper products, rubber and plastic products, computers and green coffee also fell. On the other hand, petroleum products, cocoa and chocolate products as well as non-ferrous metals and products made from them became more expensive.
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, the index has significantly higher swings and is more volatile due to its high dependence on commodities.
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