Producer and import price index stagnates in June compared to previous month
Published: Monday, Jul 15th 2024, 08:50
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Price pressure for companies in Switzerland hardly changed in June compared to the previous month. The overall producer and import price index (PPI) calculated by the Federal Statistical Office (FSO) stagnated at 107.1% in June 2024.
Compared to June 2023, the price level fell by 1.9%, as reported by the FSO on Monday. This is the 14th consecutive month in which annual inflation based on producer and import prices has been negative. In May, this PPI value was -1.8 percent.
The latest statistics show differences in producer and import prices: While producer prices rose by 0.1% compared to the previous month, import prices fell by 0.2%. In a year-on-year comparison, import prices fell more sharply (-3.2%) than producer prices (-1.2%).
Higher prices for food
According to the FSO, the slight increase in the producer price index compared to the previous month was mainly due to higher food prices. In contrast, lower prices were recorded for mineral oil products.
According to the figures, lower import prices were recorded in particular for petroleum products, crude oil and natural gas as well as cars. Pharmaceutical specialties and computers also became cheaper. On the other hand, non-ferrous metals, green coffee, leather, leather goods and shoes were more expensive, the FSO writes.
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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