FX.co ★ Swiss Producer and Import Deflation Sharpest in 1 Year

Switzerland’s producer and import prices declined by 2.2% year-on-year in January 2026, extending the 1.8% decrease recorded in December. This was the steepest bout of producer price deflation since January 2024, reflecting sharper contractions in both domestic producer prices (-1.5% vs -1.3% in December) and import prices (-3.5% vs -2.8%).

On a monthly basis, the combined producer and import price index fell by 0.2% in January, undershooting market expectations of a 0.1% increase and matching the pace seen in the previous month. Within the Producer Price Index, notable declines were observed in prices for electricity; irradiation, electromedical and electrotherapeutic equipment; petroleum products; and slaughter pigs. In the Import Price Index, lower prices for petroleum products, pharmaceutical preparations, and particularly petroleum and natural gas were the main drivers of the month-on-month decrease compared with December 2025.