Thursday, the Federal Statistical Office said Swiss producer and import prices fell 0.5% in March from the previous month, taking the annual decline to 2.8%. Producer and import prices declined primarily due to lower prices of oil and metal products.

Economists were looking for a monthly 0.2% fall and an annual decline of 2.4% in March.

Producer prices and import prices decreased 0.4% and 0.7%, respectively in March from February. Year-on-year, the producer price index recorded 0.7% decline, while import prices fell sharply by 6.7%.

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