The Swiss Producer and Import Price Index increased in May 2021 by 0.8 % compared with the previous month, reaching 102.4 points (December 2020 = 100). In particular, higher prices were seen for chemical products, rubber and plastic products, basic metals, semi-finished metal products and pharmaceutical products. Compared with May 2020, the price level of the whole range of domestic and imported products rose by 3.2 %. These are the results from the Federal Statistical Office (FSO).
In particular, high prices for pharmaceutical products and plastic products were responsible for the increase in the producer price index compared with the previous month. Basic metals, semi-finished metal products, chemical products, waste collection, materials recovery and petroleum products also became more expensive.
Price increases compared with April 2021 were recorded in the import price index in particular for plastics in primary forms, petroleum and natural gas, organic products of the chemical industry, basic metals, semi-finished metal products, rubber and plastic products and petroleum products. The same applied to parquet floors, paper and paper products and other chemical products. Computers, in contrast, became cheaper.
Quality of results
The current pandemic affects all of society and the entire economy. In this difficult context, the Federal Statistical Office (FSO) must continue to provide public opinion, particularly the country’s decision makers and media, with reliable figures. We would like to take this opportunity to sincerely thank our partners who also do their utmost to transmit their data to us under difficult conditions.
In May 2021, it was possible to collect all prices according to the survey plan. The quality of the price collection for the Producer and Import Price Index meets the usual standards.
The prices of domestic products are surveyed for the domestic market at the first marketing stage (i.e. ex works). These ex works prices include neither valued added tax nor consumption tax (e.g. on tobacco, alcohol or petroleum products).
For exports, net sales prices are surveyed FOB (free on board) which, pursuant to definition, do not include valued added tax.
For imports, prices are surveyed at the Swiss border minus valued added, consumption and customs taxes.
In general, the market prices (transaction prices) for products are surveyed at the time of ordering. Price reductions (discounts) are deducted. Prices in foreign currencies are converted at the exchange rate on the first working day of the survey reference period in Swiss francs. The reference period always covers the period from the 1st to 8th of the survey month. This provision allows the results for the reference month to be calculated and published in the course of the subsequent month.