2018 Economic Calendar
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Switzerland : Producer and Import Price Index  
Released On 10/15/2018 3:15:00 AM For Sep, 2018
M/M % change0.0 %0.2 %-0.2 %
Y/Y % change3.4 %3.1 %2.6 %

The combined producer and import price index fell in September. A 0.2 percent monthly drop was the first decline of any size since March and reduced the annual inflation rate from 3.4 percent to 2.6 percent, also its lowest mark in half a year.

The monthly headline dip reflected a 0.2 percent slide in domestic producer prices which reduced yearly PPI inflation from 2.2 percent to 1.6 percent. Import prices were flat although this was still soft enough to see their 12-month rate slide from 5.7 percent to 4.8 percent.

The main negative impact came from waste collection and recycling where charges were 14.2 percent lower than in August. This more than fully accounted for the overall decline. The only other significant changes were in petrol (4.0 percent) and agriculture and forestry (1.4 percent). As a result, the overall core index matched the 0.2 percent monthly headline decline, in turn shaving the underlying annual inflation rate by a couple of ticks to 2.0 percent.

The monthly data can be volatile but the fact that overall decrease in prices was attributable to domestic, rather than imported, weakness will not sit well with the SNB.

The producer price and import price index focuses on the actual prices of products on the market (transaction price) at the time of the order. The prices of domestic products are taken at the producer or factory level, excluding value added tax and consumption taxes. For imports, prices are collected at the Swiss border, without the value added tax, taxes on consumption and tariffs. Changes in the index provide a guide to inflation from the point of view of the product's producer/manufacturer  Why Investors Care

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