Producer and import price index falls slightly in September
Published: Monday, Oct 14th 2024, 08:50
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Price pressure for companies in Switzerland eased slightly in September, following a slight increase in August. The overall producer and import price index (PPI) calculated by the Federal Statistical Office (FSO) fell by 0.1% to 107.2 points.
Compared to September 2023, the price level fell by 1.3%, as reported by the FSO on Monday. This means that monthly annual inflation based on producer and import prices has been negative every month since May 2023. In August, the annual decline was 1.2%.
Compared to August, producer prices remained stable at 0.0%, while import prices fell by 0.4%. In a year-on-year comparison, import prices fell by 3.5%, once again much more sharply than producer prices (-0.4%).
According to the Federal Office, lower prices for scrap metal in particular were offset by higher prices for cocoa and chocolate products, raw milk and dairy products.
The import price index recorded price declines compared to August 2024, particularly for petroleum products, automobiles and automotive parts. However, prices also fell in September for leather, leather goods and shoes, clothing, pig iron and steel, copper and products made from it as well as textiles. By contrast, crude oil and natural gas, green coffee and raw aluminum 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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