FX.co ★ Swiss Producer and Import Deflation Eases

Swiss producer and import prices fell by 1.8% year-on-year in May 2026, easing from a 2.0% decline in April and marking the mildest deflation in five months, while still extending a three-year stretch of falling prices. The slowdown was largely due to a smaller drop in import prices, which decreased 0.2% after a 1.0% fall in April, while producer prices declined 2.5%, slightly more than the 2.4% contraction recorded in the previous month.

On a monthly basis, the producer and import price index fell 0.4%, underperforming expectations for a 0.4% increase and reversing April’s 0.8% rise. The index was weighed down by lower prices for pharmaceutical products, petroleum and natural gas, petroleum products, and electricity, while prices for plastic products, basic metals, and other chemical products moved higher.