Swiss producer and import prices fell 1.8% year-on-year in May 2026, easing from a 2.0% decline in April and marking the softest pace of deflation in five months, though extending a three-year streak of falling prices. The moderation was driven by a slower decline in import prices, which fell 0.2% after dropping 1.0% in April, while producer prices fell 2.5%, slightly deeper than the previous month's 2.4% decline. On a monthly basis, the producer and import price index fell 0.4%, missing expectations for a 0.4% increase and reversing April's 0.8% gain. Lower prices for pharmaceutical products, petroleum and natural gas, petroleum products, and electricity weighed on the index, while plastic products, basic metals, and other chemical products became more expensive.