Swiss producer and import price index rose more than expected in August

According to the report from the Federal Statistical Office, the Producer and Import Price Index rose in August 2021 by 0.7% compared with the previous month, reaching 103.9 points (December 2020 = 100). Economists had expected a 0.2% increase. Chemical products and pharmaceutical products in particular saw higher prices. Compared with August 2020, the price level of the whole range of domestic and imported products rose by 4.4%.

In particular, higher prices for pharmaceutical products and for chemical products were responsible for the increase in the producer price index compared with the previous month. Basic metals and semi-finished metal products, products of sawmilling and planing, rubber and plastic products as well as fresh vegetables also became more expensive. In contrast, falling prices were seen for scrap and pork.

The import price index registered higher prices compared with July 2021, particularly for organic products of the chemical industry, plastics in primary forms, petroleum and natural gas, basic metals and semi-finished metal products, timber products as well as for rubber and plastic products. The same applied to other chemical products, paper, paper products and green coffee. Pharmaceutical preparations and petroleum products on the other hand, became cheaper.