Switzerland’s producer and import prices dropped by 1.8% year-on-year in August 2025, deepening from a 0.9% decline in the previous month. This marked the 28th consecutive month of producer deflation and the sharpest since December of last year. The downturn was driven by a decrease in producer prices (-1.3% vs 0% in July) and imports (-2.7% vs -2.8%). On a monthly basis, producer and import prices went down by 0.6% in August, slipping further from a 0.2% fall in the preceding period, with pharmaceutical products contributing most to the drop. In contrast, crude oil and natural gas became more expensive.