Inflation Producer and import price index stagnates in July compared to the previous month
Price pressure for companies in Switzerland hardly changed in July 2024 compared to the previous month. The overall producer and import price index (PPI) calculated by the Federal Statistical Office (FSO) stagnated at 107.2%.
15.08.2024, 08:46
SDA
Compared to July 2023, however, the price level fell by 1.7%, as reported by the FSO on Thursday. This is the 15th month in a row in which annual inflation based on producer and import prices has been negative. In June, the figure was -1.9 percent.
The latest statistics show only slight differences in producer and import prices: While producer prices stagnated compared to the previous month, import prices rose by 0.1%. In a year-on-year comparison, however, import prices fell more sharply than producer prices (-1.2%) with a drop of 2.7%.
Higher prices for mineral oil products
According to the FSO, the producer price index recorded falling prices compared to the previous month, particularly for watches. In contrast, higher prices were recorded for petroleum products, electronic components and printed circuit boards as well as measuring and control instruments.
According to the figures, the increase in the import price index compared to June was mainly due to higher prices for petroleum products. However, crude oil, natural gas and cocoa also became more expensive.
In contrast, prices for non-ferrous metals and products made from them, vegetables, melons and potatoes, metal products as well as pome and stone fruit fell.
The PPI is regarded as a leading indicator for the development of consumer prices, as the costs of production are normally passed on to consumer prices. However, it has significantly higher swings and is much more volatile due to the high dependence on raw materials.
