Producer and import prices rise in April compared to the previous month
Published: Tuesday, May 14th 2024, 09:10
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Price pressure for companies in Switzerland increased in April compared to the previous month. However, when comparing the data with the corresponding figures from the previous year, producer and import prices are still at a lower level.
The overall producer and import price index (PPI) calculated by the Federal Statistical Office (FSO) rose by 0.6% to 107.5% in April 2024 compared to March. Rising prices for watches and petroleum products were the main reasons for the increase, the FSO announced on Tuesday.
Compared to April 2023, however, the price level fell by 1.8%, according to the report. This is the twelfth month in a row in which annual inflation based on producer and import prices was negative. In March, however, this PPI value was more clearly in negative territory at 2.1 percent.
The latest statistics show differences between producer and import prices. While producer prices rose by 0.4% compared to the previous month, import prices rose more strongly at 0.9%. In a year-on-year comparison, however, import prices fell more sharply by 4.6% than producer prices (-0.4%).
More expensive watches and petroleum products
The FSO attributes the increase in the producer price index compared to the previous month primarily to higher prices for watches. However, petroleum products, machinery, medical and dental equipment and materials, metal products, metals and semi-finished metal products, irradiation, electrotherapy and electro-medical equipment, meat and meat products also became more expensive, according to the report.
By contrast, prices for gas, electrical equipment, electronic components and printed circuit boards as well as raw milk have fallen, the FSO added
On the import side, the FSO recorded price increases compared to March 2024 for petroleum products, crude oil and natural gas, metal products, non-ferrous metals and products made from them, as well as for medical and dental equipment and materials.
Rising import prices were also recorded for furniture, telecommunications equipment and facilities, green coffee, cocoa and chocolate products, irradiation, electrotherapy and electromedical equipment as well as electronic components and circuit boards, according to the FSO. Pharmaceutical specialties, on the other hand, became cheaper.
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.
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