FX.co ★ Swiss Producer and Import Deflation Softest in a Year

Switzerland’s producer and import price index fell 0.2% year-on-year in September 2026, easing from a 0.7% decline in August and marking the mildest bout of deflation since March 2025. Producer prices were down 1.2% from a year earlier, a slight improvement from the 1.3% drop in the previous month, as price declines moderated for agricultural and forestry products (-2.7% vs -3.5%), manufactured products (-0.9% vs -1.1%), and for water treatment and distribution, waste collection, and recovery services (-1.1% vs -2.3%).

By contrast, import prices rose 2.1% year-on-year, quickening from a 0.8% increase in August, largely reflecting stronger price growth for manufactured products (2.2% vs 1.2%).

On a monthly basis, the combined producer and import price index advanced 0.3%, slowing from a 0.7% rise in August and falling short of market expectations for a 0.5% gain, despite higher prices for petroleum products, computers, petroleum and natural gas, and motor vehicles and parts.