Swiss producer and import price index rose compared to November

According to the report from the Federal Statistical Office (FSO), the Producer and Import Price Index rose in December 2020 by 0.5% compared with the previous month, reaching 98.4 points (December 2015 = 100). Compared with December 2019, the price level of the whole range of domestic and imported products fell by 2.3%. The average annual inflation in 2020 reached –3.0%. 

The average annual inflation for 2020 corresponds to the rate of change between the annual average for 2020 and that for 2019. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. The decline of 3.0% in 2020 is due in particular to lower prices for petroleum products and pharmaceutical products. While prices for domestic producers declined by 1.6%, import prices fell by 5.6%. The average annual inflation reached –1.4% in 2019 and +2.4% in 2018.

In particular, higher prices for petroleum products and scrap were responsible for the increase in the producer price index compared with the previous month. Non-ferrous metal products also increased in price. In contrast, price decreases were seen for slaughter pigs and pork. In the import price index, increasing prices compared with November 2020 were seen in particular for petroleum products, petroleum and natural gas as well as basic metals and semi-finished metal products. Higher prices were also seen for motor vehicles and motor vehicle parts. In contrast, pharmaceutical preparations were cheaper.