Switzerland’s producer and import prices fell by 1.6% year-on-year in November 2025, easing slightly from a 1.7% decline in the previous month. The latest figure marked the mildest pace of producer deflation since July, primarily driven by softer decreases in both producer prices (-1.2% vs -1.3% in October) and import prices (-2.5% vs -2.7%). On a monthly basis, producer and import prices fell by 0.5% in November, slipping further from a 0.3% decline in the previous month and defying market expectations of a 0.1% gain. The monthly decrease was mainly due to lower prices for pharmaceutical and chemical products, as well as petroleum and natural gas. In contrast, prices for refined petroleum products continued to rise.

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