Swiss Inflation Hits New High as Crude Oil Prices Soar

The Producer and Import Price Index (PPI) in Switzerland rose by 0.7% in August compared to the previous month, but fell by the same amount year-on-year. The increase was mainly due to higher prices for petroleum products and pharmaceutical preparations.

The FSO observed price rises across various sectors, including food products, with pigs for slaughter, pork, raw milk, rubber, and plastic products seeing notable increases. On the other hand, basic pharmaceutical products, other chemical products, and electricity (for large consumers) became cheaper.

For import prices, petroleum products, organic chemical products, and hydrocarbons saw significant price rises. The index for imported goods rose by 1.9% month-on-month and by 0.8% year-on-year.