Swiss producer and import price index falls further in June

The Swiss producer and import price index data for June was released today. The Federal Statistical Office showed that the producer and import price index dropped 0.5 percent sequentially in the month, as compared to the zero percent growth seen in the prior month. On a year-on-year basis, the price level of the whole range of domestic and imported products dropped 1.4 percent, as compared with the fall of 0.8 percent seen in the prior month and consensus expectations of a fall of 0.9 percent.

Sequentially, the decline in oil product mainly drive the decline in the producer price index. Metals, metal semi-finished products and iron scrap are less expensive. Meanwhile, the prices of wooden products have increased.

The import price index saw lower prices on a sequential basis especially for petroleum products, crude oil and natural gas as well as metals and semi-finished metal products. The prices of seed and hazelnut fruits as well as construction and interior joinery products have also dropped, while vehicle prices have increased.

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