Switzerland producer prices drop the least since Dec 2023

Producer and import prices in Switzerland decreased at an annual rate of 1.8% in April, the latest data by the Swiss Federal Statistical Office showed on Tuesday.

It has been the 12th consecutive month of year-on-year decline, but yet, the slowest since December 2023.

The nation’s producer prices dropped at a softer rate in April, by 0.4% YoY after a 1.1% YoY slump in March.

Switzerland’s import prices also decreased at a slower pace in April, by 4.6% YoY following a 5.4% YoY decline in March.

In monthly terms, Swiss producer and import prices went up 0.6% in April, mostly driven by higher prices of petroleum products and watches. The figure outstripped a consensus of analyst estimates of a 0.2% rise and followed modest 0.1% gains in both March and February.

The Swiss Franc was 0.07% firmer on the day against the US Dollar, with the USD/CHF currency pair last trading at 0.9075 ahead of US producer price data for April.

US producer prices are expected to have risen at a monthly rate of 0.3% and at an annual rate of 2.2% in April.