Producer and import prices fell again in December
Published: Friday, Jan 19th 2024, 09:00
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In Switzerland, price pressure for companies has steadily decreased over the course of the past year, including towards the end of the year. In December, annual inflation based on producer and import prices was negative for the eighth month in a row.
Compared to November, the Producer and Import Price Index (PPI) fell by 0.6% to 107.2 points in December, as reported by the Federal Statistical Office (FSO) on Friday. Compared to December 2022, the price level fell by 1.1%. This figure had previously been in negative territory for seven months.
Average annual inflation as measured by the PPI fell significantly. Last year, it was still +0.2 percent after a high +5.6 percent in 2022. At that time, the price increase for petroleum products had led to the high inflation. These prices fell last year, as did those for pharmaceutical products and metals, wrote the FSO. Electricity and gas prices, on the other hand, have risen.
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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