The Federal Statistical Office released its producer and import prices data on Tuesday. Switzerland's producer and import prices rose 0.4% in May, beating expectations for a 0.1% gain, after a 0.3% increase in April.

The rise was driven by higher prices for scrap and petroleum products.

The Import Price Index increased 0.4% in May, while producer prices rose 0.4%.

On a yearly basis, producer and import prices plunged 1.2% in May, beating expectations for a 1.5% fall, after a 2.4% drop in April.

The Import Price Index fell by 2.8% year-on year in May, while producer prices dropped 0.5%.