FX.co ★ Swiss Producer and Import Deflation Sharpest Since 2020

In February 2026, Switzerland’s producer and import prices fell by 2.7% year-on-year, deepening from a 2.2% decline in January. This was the steepest drop in producer prices since November 2020, mainly reflecting continued deflation in producer prices (-2.3% vs. -1.5% in January), while import prices remained unchanged at -3.5%. Month-on-month, producer and import prices decreased by 0.3% in February, underperforming market expectations for no change and matching the 0.3% decline recorded in the previous month. Within the Producer Price Index, prices fell particularly for pharmaceutical products, chemical products, and meat and meat products. By contrast, in the Import Price Index, petroleum products as well as petroleum and natural gas were chiefly responsible for the increase compared with January 2026.