Inflation Producer and import prices down in January
Producer and import prices in Switzerland fell again in the first month of the new year. On an annualized basis, the corresponding index fell even more sharply into negative territory in January.
23.02.2026, 09:01
SDA
The overall producer and import price index (PPI) fell by 0.2% to 99.8 points in January 2026 (new base, December 2025 = 100). The producer price index fell by 0.2% and the import price index by 0.5%, as reported by the Federal Statistical Office (FSO) on Monday.
Falling prices were recorded in the producer price index above all for electricity, radiation, electrotherapy and electro-medical equipment, mineral oil products and pigs for slaughter. Watches, on the other hand, became more expensive.
According to the FSO, petroleum products, pharmaceutical specialties, crude oil and natural gas were particularly responsible for the decline in the import price index. Medical and dental equipment and materials, green coffee, metal products, tablets and electronic components and circuit boards also became cheaper. In contrast, prices rose for pome and stone fruit, metals and semi-finished metal products as well as vegetables, melons and potatoes.
On an annual basis, the PPI was down for the 33rd time in a row. Compared to January 2025, the price level of the total supply of domestic and imported products was 2.2% lower. At 3.5%, the decline in the import price index in the month under review was once again significantly higher than the producer price index at 1.5%.
Lowest value in 5 years
The annual drop of 2.2% is the highest for more than 5 years. December 2020 was the last time the PPI annual rate was lower at 2.3%. One reason for the significant fall in import prices is likely to be the strong franc and weak dollar. One dollar currently costs 77 centimes, compared to more than 90 centimes at the beginning of 2025.
The PPI is considered a leading indicator for the development of consumer prices, as the costs of production are normally passed on to consumer prices. However, the index has significantly higher swings and is more volatile due to the high dependence on commodities. Annual inflation based on consumer prices (CPI) was +0.1% in January 2026.
