Swiss Producer and Import Price Index with average annual inflation of +2.7 % in 2021

The Swiss Producer and Import Price Index fell in December 2021 by 0.1% compared with the previous month, reaching 105.1 points (December 2020 = 100). Compared with December 2020, the price level of the whole range of domestic and imported products rose by 5.1%. Average annual inflation in 2021 reached +2.7%. These are the results from the Federal Statistical Office (FSO).

Average annual inflation for 2021 corresponds to the rate of change between the annual average for 2021 and that for 2020. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. In 2021, average annual inflation was +2.7 %. This increase was due in particular to higher prices for basic metals and semi-finished metal products as well as for petroleum products. In contrast, prices fell for pharmaceutical products. While the prices of domestic producers rose by 1.6%, import prices rose by 5.1 %. In 2020, average annual inflation was –3.0 %, while in 2019 it was –1.4 %.

The Producer Price index registered higher prices compared with the previous month, particularly for timber products. Petroleum products, basic metals and semi-finished metal products, however, became cheaper. Petroleum products were responsible in particular for the decline in the Import Price index compared with November 2021. Pharmaceutical preparations, computers, basic metals, semi-finished metal products, and footwear also showed falling prices. In contrast, petroleum and natural gas, green coffee, motor vehicles as well as leather and related products became more expensive.