Swiss producer and import price index unexpectedly fell in November

According to the report from the Federal Statistical Office (FSO), the Producer and Import Price Index fell by 0.1% in November 2020 compared with the previous month. The index stood at 97.9 points (December 2015 = 100). Economists had expected a 0.1% increase.

This decline was due in particular to lower prices for petroleum products and pharmaceutical preparations. Compared with November 2019, the price level of the whole range of domestic and imported products fell by 2.7%.

In particular, lower prices for pharmaceutical preparations and petroleum products were responsible for the decrease in the producer price index compared with the previous month. In contrast, rising prices were seen for waste collection and materials recovery as well as for basic pharmaceutical products.

The import price index registered lower prices compared with October 2020, particularly for petroleum products as well as petroleum and natural gas. Declining prices were also seen for basic pharmaceutical products, citrus fruit and rubber and plastic products. Non-ferrous metals and products made therefrom, plastics in primary forms, other chemical products and organic products of the chemical industry, on the other hand, became more expensive.