The Producer and Import Price Index rose in February 2022 by 0.4% compared with the previous month, reaching 106.1 points (December 2020 = 100). Petroleum products in particular were more expensive. Basic metals and semi-finished metal products also showed higher prices. In contrast, pharmaceutical products were cheaper. Compared with February 2021, the price level of the whole range of domestic and imported products rose by 5.8%. These are the results from the Federal Statistical Office (FSO).
In particular, higher prices for petroleum products were responsible for the increase in the producer price index compared with the previous month. Rising prices were also seen for basic metals and semi-finished metal products, electricity, rubber and plastic products, paper and paper products, scrap as well as printing, composition and binding. In contrast, lower prices were seen for pharmaceutical products and organic products of the chemical industry.
The import price index also registered higher prices compared with January 2022, particularly for petroleum products. Rising prices were also seen for basic metals and semi-finished metal products, plastic products, paper and paper products, plastics in primary forms, glass and glass products as well as other chemical products. In contrast, lower prices were seen for pharmaceutical preparations, computers and organic products of the chemical industry.
Producer and Import Price Index
The producer price index measures the price development of goods (products and services) which are produced and sold by enterprises operating within Switzerland. The sales area of the products covered by the producer price index can be either in Switzerland or abroad (exports). In this case, the prices for the domestic market are recorded at the first marketing stage (ex works) and the export prices in FOB terms (“free on board”). The import price index measures the price development of imported goods. Imported goods reach customers directly or via intermediary trade. In this case prices are recorded from the Swiss border excluding customs duties. The producer price index and the import price index are combined into the price index for the whole range of goods. To obtain the price index for the whole range of goods in Switzerland, only domestic sales are considered for the producer price index when combining the indices.
