Summary
The overall index of producer and import prices in Switzerland fell by an average of –1.0% in 2025, as reported by the Federal Statistical Office (FSO). In December 2025, the index declined by 0.2% compared to the previous month to 104.3 points. The main drivers of deflation were lower prices for pharmaceutical products, mineral oil products, and energy. While domestic producer prices fell by 0.4%, import prices declined more significantly by 2.2%.
Persons & Institutions
Topics
- Price indices
- Deflation
- Producer prices
- Import prices
- Energy prices
- Pharmaceutical products
Detailed Summary
The Federal Statistical Office published annual statistics for producer and import prices on January 20, 2026. The overall index reached 104.3 points in December 2025 (reference basis: December 2020 = 100). Compared to December 2024, the price level fell by 1.8%.
The average annual change in 2025 was –1.0%, which corresponds to a deflationary trend. This decline is primarily explained by lower prices for pharmaceutical specialties. Additionally, prices for mineral oil products, electricity, and gas declined significantly.
December Development (Monthly):
- Producer price index: Decline mainly in mineral oil products and dairy products
- Import price index: Reductions in pharmaceutical specialties, crude oil, natural gas, automobiles, and computers
- Price increases: Metals, semi-finished metal products, vegetables, and potatoes
Annual Comparison Domestic vs. Import Prices:
- Domestic producer prices: –0.4%
- Import prices: –2.2%
For context: In 2024, the average annual change was –1.7%, and in 2023 it was +0.2%.
Key Messages
- Deflation 2025: Average annual change of –1.0% indicates sustained price decline
- Pharmaceutical Products: Main driver of deflation with significant price reductions
- Energy Sector: Mineral oil, electricity, and gas contributed substantially to price reductions
- Import Prices More Affected: Import prices fell by –2.2%, domestic prices by –0.4%
- December Trend: Monthly decline of 0.2% indicates continuing price reductions
- Food as Exception: Food prices rose contrary to the overall trend
Stakeholders & Affected Parties
| Group | Impact |
|---|---|
| Consumers | Benefit from lower prices for energy and pharmaceuticals |
| Producers | Under pressure from declining selling prices |
| Importers | Larger price reductions (–2.2%) strain margins |
| Retail | Deflationary environment complicates pricing |
| Energy Sector | Significant price reductions in mineral oil and gas |
Opportunities & Risks
| Opportunities | Risks |
|---|---|
| Increased purchasing power for consumers | Deflationary spiral with investment restraint |
| Lower production costs | Margin compression for producers |
| Competitiveness through cheap imports | Wage reduction pressure in industry |
| Stabilization of cost of living | Real debt service burden increases |
Action Relevance
Relevant for decision-makers:
- Monetary Policy: Deflationary trends require attention from the Swiss National Bank (SNB)
- Business Planning: Producers should prioritize cost optimization and efficiency gains
- Wage Negotiations: Deflationary environment influences wage demands
- Import Dependency: Larger import price reductions demonstrate importance of global supply chains
- Sector-Specific Strategies: Pharmaceuticals and energy require separate consideration
Quality Assurance & Fact-Checking
- [x] Central statements and figures verified
- [x] All data taken from official FSO press release
- [x] No unverified data present
- [x] No bias or political one-sidedness detected
Supplementary Research
Recommended for deeper understanding:
- Swiss National Bank (SNB) – Monetary policy responses to deflation
- OECD Price Statistics – International comparison of deflationary trends
- Industry Associations – Specific impacts on pharmaceutical and energy sectors
Source Directory
Primary Source:
Federal Statistical Office (FSO) – Press Release of January 20, 2026
https://www.news.admin.ch/de/newnsb/70ajVRTd4OXYWUC_xePd5
Verification Status: ✓ Facts checked on January 20, 2026
This text was created with the support of Claude.
Editorial Responsibility: clarus.news | Fact-Checking: January 20, 2026