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In November 2025, Switzerland witnessed a 1.6% year-on-year decrease in producer and import prices, a slight ease from the 1.7% drop observed in October. This recent figure represents the mildest rate of producer deflation since July, largely due to more moderate declines in both producer prices (-1.2% compared to -1.3% in October) and import prices (-2.5% compared to -2.7%). However, on a month-over-month basis, producer and import prices decreased by 0.5% in November, a greater decline than the previous month’s 0.3%, and contrary to market expectations of a 0.1% rise. This monthly reduction was primarily attributed to lower prices in the pharmaceutical and chemical sectors, as well as in petroleum and natural gas. Conversely, the prices for refined petroleum products continued to climb.