The Federal Statistical Office released its producer and import prices data on Thursday. Switzerland's producer and import prices fell 0.3% in July, after a 0.1% drop in June.

The decline was driven by lower prices for petrol and petroleum products, watches and electronic components and circuit boards.

The Import Price Index decreased by 0.3% in July, while producer prices fell 0.2%.

On a yearly basis, producer and import prices plunged 6.4% in July, after a 6.1% drop in June.

The Import Price Index fell by 10.5% year-on year in July, while producer prices dropped 4.5%.